Eric Trump, co-founder of World Liberty Financial (WLFI), has criticized major banks for opposing stablecoin yields, calling their actions ‘anti-American’ as they protect their low-rate monopoly.
His remarks came as his father, President Donald Trump, also escalated his attacks on the banking lobby over the stalled CLARITY Act.
Eric Trump Calls Out Banks for “Protecting Low-Rate Monopoly”
Eric Trump laid out his criticism in a recent post on X (formerly Twitter). He pointed out that major banks offer depositors interest rates as low as 0.01–0.05% APY on standard savings accounts.
This occurs even though the Federal Reserve pays those same banks over 4%. That spread, he stressed, generates record profits that are not returned to everyday depositors.
“Big Banks (think JPMorgan Chase, Bank of America, Wells Fargo, etc.) are lobbying overtime to block Americans from getting higher yields on their savings—while trying to block any rewards or perks from being given to customers,” he said.
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He then identified crypto and stablecoins, where platforms plan to offer yields of 4–5% or more, as the specific targets banks are now mobilizing against. Eric Trump added that the American Bankers Association (ABA) and other lobbyists are “spending millions” to block or limit these yields through legislative efforts such as the Clarity Act.
He said that the banks are framing their opposition with terms like “fairness” and “stability.” However, Eric Trump argued that their true goal is to safeguard their “low-rate monopoly” and prevent customers from moving their deposits elsewhere.
“This is anti-retail, anti-consumer, and straight-up anti-American. Next time you see a big bank dropping billions on a shiny new Midtown Manhattan HQ, you know exactly where that money comes from: the non-existent interest rate they “pay” you! Fortunately, the big banks are losing this fight as customers wake up to the games,” he concluded.
Earlier, President Trump accused banks of “undermining and threatening” the GENIUS Act. He also pushed for the passage of the CLARITY Act.
“The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage. They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People,” Trump posted.
How Stablecoin Yield Became a Legislative Blockade
The CLARITY Act passed the House with bipartisan support in July 2025. The goal of the bill is to define regulatory oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). After moving to the Senate Banking Committee, it stalled.
The US Senate’s version of the crypto market structure bill restricts companies from paying interest solely for holding balances and limits the scope of reward offerings. This has created division among banking representatives and crypto lobbyists.
The White House set March 1 as a deadline for compromise between banks and crypto firms over stablecoin yield rules. Yet that deadline passed without agreement, increasing uncertainty.
The Senate Banking Committee is reportedly considering mid-to-late March for potential markup sessions. Whether Congress can resolve the issue before election politics take over will determine the near-term path for crypto regulation.
