Trump asks the US to pass the "Transparency Act" and says banks are trying to stop the GEN

Donald Trump, the U.S. president, took to his Truth Social platform on Tuesday. He posted a message that really went after the banks. He accused them of holding market structure legislation "hostage." Why? Because they are against stablecoin interest payments. He is pushing for the bill to pass quickly. Trump stressed it's super important for America to stay at the front of the crypto rules race. Right now, there are talks happening between the White House and representatives from both the crypto and banking worlds. They are trying to figure out the exact words of the bill. In his post, Trump said bankers are trying to mess up the GENIUS Act. That's the big stablecoin law he signed just last year. He's telling Congress to pass the crypto market structure law without any more delays. "America needs to wrap up market structure reform as fast as we can," he wrote in the post. "Americans should get a better return on their money. Banks are posting record profits. If we don't get the GENIUS Act done, they are going to wreck our strong crypto plans. And in the end, that could push things over to China and other countries."

Banks vs. Crypto: The Battle Over Yields

He warned the banks not to hold the GENIUS Act "hostage." He believes this law is key to keeping the U.S. crypto industry on a steady path. "They have to make a fair deal with the crypto industry," he stated. "It's what's best for the American people." This market structure bill has been stuck for a while now. Back in February, the Senate Banking Committee unexpectedly postponed a meeting to talk about changes to it. Lawmakers were set to debate and vote on changes then. Lots of issues are still blocking the bill. But the loudest fight is between banks and crypto companies. They can't agree on whether a third party should be able to offer customers interest on stablecoin holdings. Banks are worried. They think letting companies like Coinbase offer stablecoin interest could pull deposits out of the banking system. Crypto companies, in fact, have a different view. They say people should be able to earn money on the assets they hold. And they point out that this is already allowed under the GENIUS Act.

White House Steps In to Broker a Deal

The White House has set up meetings between banking and crypto reps. The goal is to find words for the bill that everyone can live with. People who know about the talks say that new versions of the bill are being passed around among lawmakers. But so far, no one has agreed on anything yet. The Office of the Comptroller of the Currency (OCC) put out a proposal last week. They said contracts between stablecoin issuers and their partners need to be very clear about what the partner actually does. However, they didn't directly say no to interest payments. It's worth noting that World Liberty Financial, a company tied to Trump and his family, just launched its own stablecoin. It's called USD1. And recently, they've been trying to get a trust license from the OCC for a related company. All of this is happening while Trump has been overseeing U.S. military actions in Iran. The government is calling it a "special operation." This new conflict has already messed up air travel across the Middle East. It's also affecting ships going through the Strait of Hormuz.