The post from Eric Trump, tagging his crypto company, came hours after his father claimed banks were holding a market structure bill “hostage.”
Eric Trump, son of US President Donald Trump and one of the co-founders of the family-backed crypto business World Liberty Financial, has jumped on the anti-bank messaging that many in the industry are espousing amid disagreements over how to handle stablecoin rewards.
In a Wednesday X post, Eric Trump echoed his father, claiming that banks were “desperately targeting” cryptocurrencies and stablecoins as discussions lag on the market structure bill in the US Senate. The post came hours after the president posted a similar message claiming that banks were holding the legislation “hostage.”
The issue of stablecoin yield has been dividing many US lawmakers, banking industry representatives, and crypto companies, stymieing the market structure legislation. Eric Trump and many in the crypto industry oppose a ban on stablecoin yield, arguing it would “block any rewards or perks from being given to customers,” while some banking organizations have argued such rewards could undermine credit and lead to deposit flight risk.
Related: Trump met Coinbase CEO before slamming banks over crypto bill: Report
A company representative, in response to questions about Eric Trump’s post, said that the company was “not a political organization” and he “has been clear about why he helped create World Liberty Financial.”
Senate banking panel has yet to reschedule market structure bill markup
Eric Trump’s message was one of the latest public statements from a leading industry figure after three meetings between White House officials and banking and crypto representatives on how to address stablecoin yield in the market structure bill. The legislation, called the CLARITY Act when it passed the House of Representatives in July, has been delayed by a 43-day government shutdown and debates among lawmakers on ethics, tokenized equities and stablecoins.
Although the Senate Agriculture Committee advanced its version of the bill in January, the banking panel postponed a markup and had yet to reschedule it as of Thursday. Both versions will likely need to pass the two committees and be consolidated before the full Senate can potentially vote on the bill.
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