- Trump’s crypto agenda is critical to the US beating China in digital finance.
- President Trump has accused US banks of undermining his crypto efforts.
- Banks declined to support a compromise proposal tied to the CLARITY Act.
Coinbase CEO Brian Armstrong has said that building the future of financial services is critical for the US to beat China and other global economic giants in digital finance. Armstrong made the statement on X, thanking President Donald Trump for his efforts toward making America the crypto capital of the world.
Trump Blasts US Banks Over CLARITY Act Delays
It is worth noting that Armstrong’s latest statement comes as support for the President, who has criticized US banks, accusing them of threatening and undermining the GENIUS Act, a 2025 US federal law establishing a comprehensive regulatory framework for payment stablecoins. Trump remains firm in his resolve to ensure that the GENIUS Act comes into full operation, stating that the US needs to settle the Market Structure bill soon.
According to Trump, his administration will not allow banks that are already hitting record profits to undermine the Crypto Agenda, which will eventually go to China. Beyond the immediate solutions crypto could bring to the US economy, Trump considers the race for crypto dominance a competition with China, America’s main economic rival, and other world powers.
Banking Industry Resists White House CLARITY Act Push
Earlier this month, US banks declined to back a White House-backed compromise, asking them to reach a deal on the CLARITY Act. The pushback from the banks cast doubts over the possibility of passing the CLARITY Act this year.
Trump further noted that the GENIUS Act was America’s first major step toward becoming the crypto capital of the world, a goal he set during the last presidential election campaign. He believes that passing the CLARITY Act is the next and final step toward achieving that goal. Therefore, he advised the banks to stop trying to undercut the GENIUS Act or hold the CLARITY Act hostage.
According to Trump, US banks need to make a good deal with the crypto industry in the best interest of the American people. He noted that the banks cannot take the crypto industry from the people when it is so close to succeeding.
Related: Trump Accused Major Banks of Undermining the GENIUS Act
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