Eric Trump accused banks of fighting against stablecoins - Coinspot.io

The son of the U.S. president, Eric Trump, criticized major banks for putting pressure against cryptocurrencies and stablecoins. According to him, because of this, customers may lose the opportunity to earn higher returns on their savings.

On Wednesday, he wrote on the social network X about the position of major banks. Trump stated that JPMorgan Chase, Bank of America, and Wells Fargo are trying to stop initiatives around stablecoins. These proposals would allow crypto platforms in the U.S. to pay interest on such assets.

He also wrote that the American Bankers Association and other lobbyists are “spending millions.” According to him, the goal of these efforts is to use the Clarity Act to ban returns on stablecoins at the level of 4–5%.

“Major banks are actively lobbying to ban higher returns for Americans on their savings and are trying to block any bonuses or incentives for customers,” Trump wrote.

According to him, banks in the U.S. pay extremely low interest rates on deposits. The current rate is about 0.01–0.05% per year.

At the same time, the Federal Reserve pays the banks themselves about 3.65%.

See also: *Russia Prepares to Legalize Payments in Stablecoins*

Eric Trump is the co-founder of the crypto platform World Liberty Financial. The project issues the stablecoin USD1 and the cryptocurrency WLFI.

The Trump family’s involvement in this project has already drawn criticism. Some politicians believe this could create a conflict of interest for the U.S. president.

Banks, in turn, talk about possible risks. In their opinion, returns on stablecoins could cause an outflow of deposits from traditional banks. This could involve significant amounts.

Earlier this week, the head of JPMorgan Jamie Dimon stated that the same rules should apply to such products.

“If you hold customer funds and pay interest on them, that’s already a bank. So, the regulation should be the same,” Dimon said.

Patrick Witt, executive director of the President’s Council of Advisors on Digital Assets, disagreed with this position. According to him, linking returns on stablecoins to banking regulation is wrong.

“It’s not the payment of returns itself that requires banking rules. The question is whether companies use customers’ funds for lending or repeated operations,” Witt noted.

Discussion of the Clarity Act continues. The main debates now are about returns on stablecoins.

The White House is already holding negotiations between representatives of banks and crypto companies. According to participants, the positions of the parties are gradually converging. However, there is still no final agreement.