Trump Slams Banks for Blocking US Crypto Legislation

President Trump warns the banking sector against weakening crypto laws, labeling delays as unacceptable for US global competitiveness.

According to a statement from the President, the banking sector is attempting to delay or weaken legislation designed to create a clearer regulatory structure for the U.S. crypto market. He warned that such actions are “unacceptable,” particularly as the country strives to establish a leading position in the global digital economy.

Trump highlighted the significance of two key bills: the Genius Act and the Clarity Act. He described the former as the “first major step” toward building a robust crypto ecosystem in the U.S., while the latter is intended to finalize the regulatory framework and provide much-needed certainty to market participants.

The Competition with China

The President warned that if the regulatory framework is delayed or watered down, the crypto industry could migrate to other jurisdictions, including China. He maintained that keeping innovation within U.S. borders is vital for maintaining economic and technological competitiveness.

Trump also pointed out that American banks are currently reporting record profits. He argued that these institutions should not obstruct the development of new financial technologies that could expand access to capital and investment opportunities for American citizens.

Political and Market Context

The statement comes at a time when the crypto sector is becoming an increasingly critical topic in U.S. economic policy. The Trump administration is seeking to accelerate the adoption of legislation that provides clearer rules for digital assets and encourages institutional participation.

For the markets, the signal is clear: Washington is moving to integrate the crypto industry into the traditional financial system rather than restricting it. This shift could solidify the United States’ role as a global hub for blockchain technology and digital asset development.