Trump Attacks Banks And Presses Congress On Crypto Law

The political battle around cryptocurrencies is intensifying in Washington. Donald Trump urges Congress to accelerate the adoption of a structuring legislation for digital assets. His statement comes amid growing tensions between the crypto industry and major banks. According to analysts, the latter are trying to influence the rules governing stablecoins as well as the structure of the crypto market.

A law intended to organize the crypto market in the United States

The debate focuses on a bill aimed at defining the structure of the crypto market. But not only that! It would also distribute supervisory powers between the SEC and the CFTC.

The legislative discussion reveals an open conflict between traditional financial institutions and players in the crypto industry. Many experts agree: banks are seeking to influence rules to impose a stricter framework on digital platforms.

Stablecoins at the heart of the regulatory conflict

Regulation of stablecoins is currently the most sensitive topic in the crypto debate in the United States. The point of friction particularly concerns programs offering yield on stablecoins.

Some traditional finance players indeed believe that these services resemble banking products. They should therefore be subject to the same regulatory obligations. This position worries the crypto industry, which sees it as a risk to innovation.

Good to know: Congress has already passed a law called the GENIUS Act to regulate these digital assets pegged to traditional currencies. This text represents the first federal attempt to create a framework for stablecoins. Moreover, U.S. banking regulators are already working on its implementation.

In any case, the current debate illustrates a larger issue: the integration of digital assets into the global financial system. The decisions made in Washington could thus determine the role of the United States in the next phase of the crypto economy. To be continued…