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President Donald Trump has thrown his support behind crypto firms in their high-stakes battle with U.S. banks over whether they can offer interest-like returns on stablecoins.
Trump, in a social media post late Tuesday, ratcheted up pressure on banks to relent on the stablecoin yield issue.
That’s the key point of contention holding up passage in Congress of the Clarity Act, which is a companion bill to the Genius Act approved last year, setting up a framework for regulated stablecoins.
“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable,” Trump said in his post. “They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People.”
