Crypto vs Banks Intensifies as Trump Backs Stablecoin Rewards

[bonk]

Tensions between the traditional banking sector and the crypto industry are escalating as debates over stablecoin regulation continue in Washington. Banks have warned that stablecoins could trigger massive deposit outflows—potentially reaching trillions of dollars—and have urged lawmakers to close regulatory loopholes that allow crypto platforms to offer interest-like rewards through exchanges.

The dispute intensified after President Donald Trump publicly criticized banks for allegedly slowing progress on the CLARITY Act, a key crypto market structure bill. In a post on Truth Social, Trump argued that Americans should earn more from their money and accused banks of undermining the country’s crypto agenda. The comments came shortly after reports that Trump privately met with Coinbase CEO Brian Armstrong, signaling increasing political support for the digital asset industry.

[madmax]

crypto in mainstream finance = banks realize they’re no longer the only cool kids