Eric Trump, co-founder of the family-backed crypto firm World Liberty Financial, publicly attacked the banking industry on Wednesday over its opposition to stablecoin yield, amplifying a message his father posted just hours earlier.
In a post on X, Eric Trump accused banks of “desperately targeting” cryptocurrencies and stablecoins as Congressional negotiations over a broad market structure bill have stalled. The elder Trump had posted a similar charge earlier that day, claiming banks were holding the legislation “hostage.”
What the Fight Is Actually About
The central dispute involves whether stablecoin issuers should be permitted to offer yield, or interest-like rewards, to customers. Eric Trump and much of the crypto industry argue that prohibiting such rewards would “block any rewards or perks from being given to customers.” Banking organizations take the opposite position, warning that stablecoin yield could undermine traditional credit markets and trigger deposit flight from banks.
That disagreement has become one of the primary obstacles blocking progress on the market structure bill in the Senate, alongside separate debates over ethics provisions and tokenized equities.
Where the Legislation Stands
The bill, known as the CLARITY Act after passing the House of Representatives in July, has faced repeated delays. A 43-day government shutdown consumed weeks of potential legislative time. The Senate Agriculture Committee advanced its version of the bill in January, but the Senate banking panel postponed a scheduled markup and had not rescheduled it as of Thursday.
Both committee versions will need to pass and be reconciled before the full Senate can vote. That process leaves significant ground still to cover.
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Eric Trump’s post came after three meetings between White House officials and representatives from both the banking and crypto sectors, aimed at resolving the stablecoin yield question. Those talks have not produced a publicly announced resolution.
World Liberty Financial’s Position
A company representative addressed Eric Trump’s political messaging directly, stating that World Liberty Financial was “not a political organization” and that he “has been clear about why he helped create World Liberty Financial.” The comment appeared intended to draw a line between the founder’s public statements and the company’s formal stance.
The Trump family’s financial ties to the crypto industry have drawn scrutiny throughout the legislative debate. Reports published this week noted that President Trump met with Coinbase CEO Brian Armstrong before publicly criticizing banks over the crypto bill.
The anti-bank messaging from both Trumps fits a broader pattern in the crypto industry, where framing banks as adversaries has become a common rhetorical strategy during the stablecoin policy debate. Whether that pressure accelerates a Senate scheduling decision on the bill’s markup is unclear, as no new timeline has been announced.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial or investment advice.
Photo by Logan Voss on Unsplash
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