Eric Trump, co-founder of the family-backed crypto firm World Liberty Financial and son of President Donald Trump, amplified anti-bank rhetoric on X as the US debates how to regulate stablecoin rewards. In a Wednesday post tagging his company, he said banks were “desperately targeting” cryptocurrencies and stablecoins, echoing his father’s claim hours earlier that banks were holding a market structure bill “hostage.”
The dispute centers on whether stablecoin issuers should be allowed to pay yields or other rewards to customers. Many in the crypto industry, including Eric Trump, oppose proposals that would ban such rewards, arguing they would prevent platforms from offering perks that attract users. Banking groups contend that paying interest or similar rewards on stablecoins could undermine bank credit models and create deposit flight risks.
Three meetings between White House officials and representatives from banking and crypto sectors have failed to resolve the issue, contributing to delays in moving market structure legislation forward. The bill—known in the House as the CLARITY Act after passing there last July—has since been complicated by a 43-day government shutdown and disputes over ethics, tokenized securities, and stablecoin provisions.
In January, the Senate Agriculture Committee advanced its version of the market structure bill, but the Senate Banking Committee postponed its markup and had not rescheduled it as of Thursday. Both committee versions would likely need to be reconciled before a full Senate vote.
A World Liberty Financial spokesperson responding to questions about Eric Trump’s post said the company “is not a political organization” and that Eric Trump has been transparent about his reasons for founding the firm.
The stablecoin yield debate remains a major sticking point in crypto legislation, with industry leaders and banks continuing to press competing views as lawmakers seek a path to consensus.
