Eric Trump’s post showing his crypto company came hours after his father claimed that banks are holding market-making bills “hostage.”
Eric Trump, the son of US President Donald Trump and one of the founders of family-backed crypto business World Liberty Financial, has jumped on the anti-banking messaging that many in the industry espouse amid disagreements over how to earn stablecoin rewards.
In a message on Wednesday X, Eric Trump repeated his father and claimed that banks are “severely targeting” cryptocurrencies and stablecoins, as the debate on the market structure project lags behind in the US Senate. The message came hours after the president released a similar message claiming banks were being “held hostage” by the law.
The issue of fixed income coin has divided many US lawmakers, banking industry representatives and crypto companies, disrupting market structure legislation. Eric Trump and many in the crypto industry oppose the stablecoin income ban, saying it “prevents any rewards or benefits from being given to customers,” while some banking organizations argue that such rewards could reduce credit and risk deposit flight.
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In response to questions about Eric Trump’s career, a company representative said the company was “not a political organization” and that he “made it clear why he helped found World Liberty Financial.”
The Senate Banking Committee has not yet reached a timetable for the market structure bill
Eric Trump’s message was one of the last public statements by a leading industry figure after three meetings between White House officials and banking and crypto representatives on how to address stablecoin yields in the market structure project. Dubbed the CLARITY Act when it passed the House of Representatives in July, the legislation was delayed by a 43-day government shutdown and debate among lawmakers over ethics, tokenized stocks and stablecoins.
Although the Senate Agriculture Committee advanced a version of the bill in January, the banking panel delayed and did not take it up again until Thursday. Both versions will likely have to pass through two committees and be combined before the full Senate can vote on the bill.
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