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Trump Warns Banks Against Weakening Stablecoin Rules
(MENAFN) US President Donald Trump has accused banks of attempting to weaken rules governing digital assets, warning that his administration will not allow financial institutions to erode legislation regulating the stablecoin market, according to reports.
In a Tuesday post on his Truth Social platform, Trump said that the Genius Act, which he signed last year to establish a regulatory framework for stablecoins, “is being threatened and undermined by the Banks, and that is unacceptable — We are not going to allow it.”
He emphasized that a broader market structure framework for digital assets must be finalized promptly, arguing that Americans should be able to generate greater returns from their money.
“The Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda that will end up going to China, and other Countries if we don’t get The Clarity Act taken care of,” Trump said.
He also warned that without clear regulations, the digital asset sector could shift to countries such as China and others. Trump stressed the importance of passing the Clarity Act, which aims to provide legal certainty for digital assets.
Describing the Genius Act as the first major step toward making the United States the “crypto capital of the world,” Trump said that enacting the Clarity Act would complete the process and help ensure the rapidly growing sector remains in the country.
“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,” he stressed.
In a Tuesday post on his Truth Social platform, Trump said that the Genius Act, which he signed last year to establish a regulatory framework for stablecoins, “is being threatened and undermined by the Banks, and that is unacceptable — We are not going to allow it.”
He emphasized that a broader market structure framework for digital assets must be finalized promptly, arguing that Americans should be able to generate greater returns from their money.
“The Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda that will end up going to China, and other Countries if we don’t get The Clarity Act taken care of,” Trump said.
He also warned that without clear regulations, the digital asset sector could shift to countries such as China and others. Trump stressed the importance of passing the Clarity Act, which aims to provide legal certainty for digital assets.
Describing the Genius Act as the first major step toward making the United States the “crypto capital of the world,” Trump said that enacting the Clarity Act would complete the process and help ensure the rapidly growing sector remains in the country.
“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,” he stressed.
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