Donald Trump takes swipe at banks over stalled crypto bill

Trump has urged banking groups to “make a good deal” with the crypto industry and said undermining the GENIUS Act is “unacceptable.”

US President Donald Trump has taken a shot at banks for stalling the crypto market structure bill from advancing in the Senate over stablecoin yield payments.

“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable — We are not going to allow it,” Trump posted on his Truth Social platform on Tuesday, mentioning the GENIUS Act that Congress passed in July to regulate stablecoins.

Trump has touted the GENIUS Act as his crowning achievement to attract crypto companies to the US. The law gives stablecoin issuers a path to regulation, but bans them from directly offering yield payments to holders.

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