Eric Trump, co-founder of World Liberty Financial, has voiced sharp criticism against major banks in the United States, accusing them of orchestrating intense lobbying efforts to keep stablecoin yield offerings at bay. According to Trump, these banks are actively working behind the scenes to uphold ultra-low interest rates for their own benefit, thereby limiting customer returns. His pointed remarks arrive at a time when his father, former President Donald Trump, has hardened his stance on cryptocurrency regulations.
Backlash Against Bank Interest Policies
Recently, Eric Trump took to social media to call out leading U.S. banks for providing a meager annual interest of just 0.01% to 0.05% on standard deposit accounts, while pocketing yields exceeding 4% from the Federal Reserve. He underscored the stark gap between what banks earn and what they hand out to customers, arguing this disparity funnels significant profits to banks while leaving consumers with minimal gains.
“Big banks are aggressively lobbying to prevent customers from accessing higher returns, and even seek to curtail reward and incentive programs,” Eric Trump stated.
Stablecoin Yields Face Strategic Lobbying
Eric Trump highlighted that financial institutions are now targeting crypto platforms that promise 4–5% returns via stablecoins. Trade groups like the American Bankers Association are exerting influence on policymakers to adopt legislation such as the Clarity Act, which could restrict these attractive returns. Trump asserted that banks are masking their motives behind rhetoric of ‘fairness’ and ‘stability,’ when their real aim is to preserve privileges arising from artificially low interest rates.
He added that while banks pay customers next to nothing in interest, they accumulate vast wealth, investing heavily with these resources as more people catch on to their tactics.
Legislative Debates and Political Friction
The Clarity Act, which was passed in the U.S. House of Representatives in July 2025 with bipartisan support, seeks to delineate regulatory roles between the Securities and Exchange Commission and the Commodity Futures Trading Commission regarding cryptocurrencies. However, progress has stalled since the bill reached the Senate Banking Committee for further discussion.
Within the Senate proposal, restrictions are placed on companies’ ability to offer interest purely for holding deposits, while the scope of incentive and rewards initiatives is also narrowed. This approach has sharpened divisions between established financial players and those in the crypto industry.
Former President Donald Trump recently accused banks of sabotaging initiatives like the Genius Act and Clarity Act, contending that collaboration between banks and crypto firms would best serve the American public.
Donald Trump argued that banks should not stand in the way of relevant legislation and emphasized that seeking common ground with the crypto sector is the most constructive move for society.
Although the White House had set March 1 as the deadline for banks and crypto firms to reach consensus on stablecoin yields, no agreement was struck by that date. With the Senate Banking Committee preparing for a new hearing in mid-March, all eyes are on whether Congress can resolve the issue ahead of the approaching election cycle—a decision likely to shape the future of crypto regulation in the U.S.
