Eric Trump Says Bank Lobbyists Spending Millions To Ban Stablecoin Yields

Eric Trump on Wednesday accused major U.S. banking lobby groups, including the American Bankers Association (ABA), of spending millions of dollars to restrict or ban yield-bearing stablecoins through pending digital asset legislation such as the Clarity Act. In a post on social media, Trump said large banks are lobbying aggressively against stablecoin rewards because they could compete with traditional bank deposits by offering significantly higher yields to consumers.

“Big Banks … are lobbying overtime to block Americans from getting higher yields on their savings,” Trump said, adding that banking lobbyists are pushing lawmakers to include restrictions in legislation that would prevent crypto platforms from offering rewards or yield to stablecoin holders.

The comments come as negotiations over the U.S. crypto market structure bill, commonly referred to as the Clarity Act, remain stalled in Washington amid disputes between the banking industry and the crypto sector over stablecoin interest payments.

Bank Lobbyists Target Stablecoin Yield Provisions

At the center of the dispute is whether crypto platforms should be allowed to provide rewards or yield-like incentives to users who hold stablecoins.

Banking groups have pushed for language in market structure legislation that would prohibit exchanges or platforms from offering such incentives, arguing that high-yield stablecoins could trigger large-scale deposit outflows from traditional banks.

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Crypto companies counter that yield programs, often offering returns of around 4% or higher, simply allow consumers to earn competitive returns compared with traditional savings accounts, which frequently offer rates near zero.

The debate has become a major sticking point in negotiations over the Clarity Act, a proposed federal framework intended to establish clear rules for the U.S. digital asset market and define regulatory oversight for trading platforms, token issuers and crypto intermediaries.

Although the House of Representatives passed its version of the bill in 2025, progress in the Senate has slowed as lawmakers attempt to reconcile competing demands from banks and crypto companies.

Stablecoin Yield Debate Intensifies In Washington

Stablecoin yields have become a focal point in broader discussions about how digital assets should be regulated in the United States.

Under the 2025 GENIUS Act, the first major U.S. law governing payment stablecoins, issuers must maintain full asset backing and comply with regulatory standards, but the legislation leaves open questions around whether platforms can offer reward programs tied to stablecoin holdings.

That regulatory ambiguity has fueled intense lobbying by both the banking and crypto industries.

Banks argue that allowing stablecoin platforms to offer interest-like rewards could draw deposits away from the traditional banking system, potentially reducing funding available for loans and other financial activities.

Crypto firms, meanwhile, say banning rewards would undermine consumer choice and reduce competition in financial services.

Negotiations between banking groups, crypto companies and regulators have been ongoing at the White House and in Congress, but no compromise has yet been reached.