Eric Trump accuses U.S. banking industry of "acting against America" in the stablecoin yield dispute

PANews, March 5 — According to CoinDesk, Eric Trump, co-founder of World Liberty Financial and son of the US President, posted on X criticizing the banking industry's opposition to allowing stablecoin yields in crypto market structure legislation. He pointed out that major banks such as JPMorgan, Bank of America, and Wells Fargo are lobbying heavily to prevent Americans from earning higher returns on their savings, while also trying to block any rewards or benefits offered to customers.

Eric Trump stated that the interest banks pay to depositors is far lower than the interest paid to them by the Federal Reserve, with the difference being retained by banks as profit. Now, banks are targeting the 4%-5% or higher yields or rewards planned by crypto and stablecoin platforms. He criticized lobbying groups like the American Bankers Association for spending millions of dollars to try to restrict these yields through the CLARITY Act, claiming to advocate for "fairness" and "stability," but in reality protecting banks' monopoly on low interest rates and preventing deposit outflows. He called this behavior anti-retail, anti-consumer, and "plainly hostile to America."