Eric Trump Calls Banks Anti-American Over Stablecoin Fight

Eric Trump escalated the stablecoin yield battle on Tuesday, accusing major U.S. banks of running an anti-consumer lobbying campaign designed to protect their own profit margins. The co-founder of crypto firm World Liberty Financial took to X — formerly Twitter — to charge that JPMorgan Chase, Bank of America, Wells Fargo, and similar institutions are spending heavily to deny ordinary Americans access to the higher savings rates that crypto platforms intend to offer.

Banks Accused of Protecting Low-Rate Monopoly

Eric Trump's attack centers on a straightforward claim: banks borrow money from savers at near-zero rates, collect far higher interest from the Federal Reserve, and pocket the difference as profit. Now that crypto platforms are positioning the USD1 stablecoin and similar digital assets to offer yields in the 4–5% range, Trump argues the industry is spending millions in lobbying to extinguish the competition before it can gain ground.

"The ABA and other lobbyists are spending millions trying to ban or restrict those yields via bills like the Clarity Act, crying 'fairness' and using words like 'stability' — when it's really about protecting their low-rate monopoly and preventing deposit flight," Trump said in a statement on X. He described the campaign as "anti-retail, anti-consumer, and straight-up anti-American."

Big Banks (think JPMorgan Chase, Bank of America, Wells Fargo, etc.) are lobbying overtime to block Americans from getting higher yields on their savings.

— Eric Trump, co-founder, World Liberty Financial

What Is the Clarity Act Stablecoin Provision?

The Clarity Act is a crypto market structure bill currently moving through Congress. The legislation includes provisions that would govern whether stablecoin issuers can offer yield or rewards to holders — a feature banks argue creates an uneven regulatory playing field. The American Bankers Association and allied lobbying groups have pushed to ban or strictly limit such yields, citing concerns about financial stability and deposit migration away from insured bank accounts.

Patrick Witt, the White House's executive director for crypto issues, also weighed in on Wednesday, pushing back against JPMorgan CEO Jamie Dimon after Dimon argued stablecoin issuers should face the same regulatory treatment as traditional banks.

World Liberty Financial and the Trump Family's Banking Grievances

World Liberty Financial — which Eric Trump co-founded alongside other Trump family members — is the issuer behind USD1, a dollar-pegged stablecoin. The firm is also pursuing a national banking charter through the Office of the Comptroller of the Currency, a move that would place it directly inside the regulated financial system it is currently criticizing.

Eric Trump's frustration with traditional banks is not new. He has raised the issue at multiple industry conferences over the past year, alleging that major financial institutions debanked him and his family. Those personal grievances now appear to be converging with a live legislative fight in Congress.

What Does This Mean for the Stablecoin Yield Debate?

The combined pressure from Eric Trump and President Donald Trump — who posted separately on Tuesday urging Congress to advance the Clarity Act — signals that the White House is willing to publicly pressure banks over stablecoin provisions. However, it remains unclear whether the social media campaign will meaningfully shift negotiations on Capitol Hill.

President Trump's post came shortly after he met with Coinbase CEO Brian Armstrong, who had withdrawn support from the bill in January over its stablecoin provisions and other sections he found objectionable. Whether Armstrong's concerns have been addressed, or whether the Trump family's public pressure creates new momentum, may determine how quickly Congress moves on final text.