TLDR
- Eric Trump said banks lobby to limit stablecoin yields in market structure bills.
- He named JPMorgan Chase, Bank of America, and Wells Fargo in his X post.
- He said banks pay low saver rates while earning about 4% or more from the Fed.
- Debate continues in Washington around the CLARITY Act and the GENIUS Act.
Eric Trump is accusing major US banks of working to block higher yields offered by crypto and stablecoin platforms. He said bank lobbying is shaping digital asset bills in Congress, and he urged lawmakers to stop limits on stablecoin rewards.
His comments, reported by Moneycheck, add to a growing fight between banks and crypto firms. The dispute centers on whether stablecoin products should be able to offer yield-like rewards to consumers.
Eric Trump’s claims about bank lobbying and deposit rates
Eric Trump, a co-founder of World Liberty Financial, posted his criticism on X. He said large banks are “lobbying overtime to block Americans from getting higher yields on their savings.”
He named JPMorgan Chase, Bank of America, and Wells Fargo as examples. He also said banks want to block “any rewards or perks” offered to customers by crypto platforms.
Trump argued that banks pay very low rates on basic savings accounts. He wrote that many accounts pay about 0.01% to 0.05% APY, while banks earn more elsewhere.
He also compared depositor rates with what banks receive from the Federal Reserve. He said the Fed pays banks about 4% or more, and banks keep the spread as profit.
TheStreet cited FDIC data saying the national average savings rate is around 0.45%. The same report said the Federal Reserve pays banks roughly 4.4% on reserve balances.
Stablecoin yields and the products drawing attention in Congress
Stablecoins are digital tokens that aim to track the US dollar at a one-to-one value. Some firms offer rewards by investing reserves in short-term US Treasury bills or similar assets.
Several programs promote returns near money market levels, though terms can vary. TheStreet pointed to Coinbase rewards of around 4.7% on USDC balances in certain programs.
It also referenced MakerDAO’s DAI Savings Rate hovering near 5% in recent periods. The report also cited tokenized Treasury products from Ondo Finance and Franklin Templeton, often yielding about 4% to 5%.
These yields compete with standard bank savings accounts, so banks and crypto firms are watching the rules closely. The policy debate is tied to broader crypto market structure and stablecoin regulation.
Trump said banking lobby groups are trying to restrict these offerings through legislation. He wrote that lobbyists use terms like “fairness” and “stability,” while aiming to prevent deposit outflows.
CLARITY Act and GENIUS Act debate and responses so far
Trump linked the dispute to pending bills, including the CLARITY Act and the GENIUS Act. He said the American Bankers Association is spending heavily to restrict stablecoin yields through the CLARITY Act.
In his post, he described the effort as “anti-retail” and “anti-consumer.” He also called it “plainly hostile to America,” using language aimed at bank lobbying.
The American Bankers Association had not publicly responded to his post, according to the report. The debate continues as lawmakers consider how to regulate crypto platforms and stablecoins.
Donald Trump has also criticized banks in recent comments tied to crypto policy. TheStreet said he urged Congress to move quickly on market structure legislation to keep the US competitive.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
