Former President Donald Trump has voiced strong support for emerging stablecoin legislation, describing the proposed framework as a “genius” solution for modernizing the financial system. However, Trump warned that the progress of this law is being actively undermined by traditional banking institutions that view digital assets as a threat to their business models. The warning comes as a critical market structure bill, aimed at providing regulatory clarity for the cryptocurrency industry, remains stalled in Congress due to bipartisan disagreements and intense lobbying efforts. Trump suggested that the delay is a direct result of the banking sector’s influence, arguing that financial incumbents are eager to protect their dominance by preventing the entry of more efficient, blockchain-based alternatives. As the legislative stalemate continues, industry leaders are concerned that the lack of a clear regulatory path could stifle innovation and cause the United States to lose its competitive edge in the global digital economy.
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Trump: GENIUS stablecoin law ‘threatened’ by banks as Congress stalls on passing market structure bill
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