U.S. President Donald Trump backed the expansion of the U.S. crypto industry in a post shared on social media platform Truth Social on March 3, urging lawmakers to advance the Clarity Act and broader market structure legislation while warning banks against undermining the Genius Act. Trump wrote on Truth Social:

“The Genius Act is being threatened and undermined by the banks, and that is unacceptable — We are not going to allow it. The U.S. needs to get Market Structure done, ASAP. Americans should earn more money on their money.”

He continued: “The banks are hitting record profits, and we are not going to allow them to undermine our powerful crypto agenda that will end up going to China, and other countries if we don’t get The Clarity Act taken care of.”

The comments arrive as U.S. policymakers continue building the federal regulatory framework for digital assets. The Guiding and Establishing National Innovation for U.S. Stablecoins Act (Genius Act) became law on July 18, 2025, establishing the first nationwide framework for payment stablecoins pegged to the U.S. dollar. The legislation requires issuers to back tokens with high-quality liquid assets such as cash or short-term Treasuries, undergo monthly audits, and obtain federal or state licenses as regulators implement the law.

Attention has now shifted to the Digital Asset Market Clarity Act, which aims to define whether digital assets fall under the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). The measure passed the House in July but has stalled in the Senate during early 2026 amid industry disagreements, banking sector lobbying, and jurisdictional disputes between Senate committees.

Momentum weakened on Jan. 14 when Coinbase CEO Brian Armstrong withdrew support for the Senate draft one day before a scheduled committee markup. Armstrong cited several concerns, including provisions that could effectively block tokenized equities trading on blockchain platforms, restrictions affecting decentralized finance data access, and language that could expand the SEC’s authority rather than reinforcing the CFTC’s role.

Trump framed the push to pass the legislation as a pivotal step for strengthening the country’s digital asset sector, writing:

“The Genius Act was the U.S.A.’s first big step to make the United States the crypto capital of the world, and getting The Clarity Act done is the next step to finish the job and, most importantly, keep this big and powerful Industry in our country.”

Large financial institutions and the American Bankers Association have pushed for strict limits preventing stablecoin issuers from offering interest or rewards to users. Banks argue that higher-yield digital dollars could pull deposits away from traditional savings accounts.

“The banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage,” Trump stressed. “They need to make a good deal with the crypto industry because that’s what’s in best interest of the American people.” The U.S. president concluded:

“This industry cannot be taken from the people of America when it is so close to becoming truly successful. Thank you for your attention to this matter!”

• Why is the Clarity Act important for crypto investors?
  It aims to establish clear market structure rules that could reduce regulatory uncertainty for digital asset companies and investors.
• What does the Genius Act regulate?
  The Genius Act sets the first nationwide framework for U.S. dollar-pegged stablecoins, requiring asset backing, audits, and licensing.
• Why are banks opposing parts of the crypto legislation?
  Some banks are pushing restrictions that would prevent stablecoin issuers from offering interest or rewards to token holders.
• How could these laws affect the U.S. crypto market?
  If passed and implemented fully, they could accelerate institutional adoption and strengthen the U.S. position in the global digital asset industry.

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