Eric Trump accused the U.S. banking industry of "fighting against the U.S." in the battle over stablecoin yields.
PANews reported on March 5th that, according to CoinDesk, Eric Trump, co-founder of World Liberty Financial and son of the US president, published an article on the X platform criticizing the banking industry's opposition to allowing stablecoin yields in legislation governing the crypto market structure. He pointed out that large banks such as JPMorgan Chase, Bank of America, and Wells Fargo are lobbying heavily to prevent Americans from earning higher returns on their savings, while also attempting to block any rewards or benefits offered to customers.
Eric Trump stated that banks pay depositors far less interest than the Federal Reserve pays them, with the difference being pocketed by banks as profit. He accused banks of cracking down on the 4%-5% or higher yields or rewards offered by cryptocurrency and stablecoin platforms. He criticized lobbying groups like the American Bankers Association for spending millions of dollars trying to limit these yields through the Clarity Act, ostensibly advocating for "fairness" and "stability," but in reality protecting banks' low-interest-rate monopoly and preventing deposit outflows. He called this behavior anti-retail, anti-consumer, and "outright hostile to the United States."
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