Eric Trump criticized major banks for opposing stablecoin yield offerings, calling their stance “anti-retail, anti-consumer, and anti-American.” This comes as the crypto industry’s rift with traditional banks deepens, threatening the progress of key legislation like the CLARITY Act and following Kraken‘s landmark access to Federal Reserve payment rails.
Eric Trump has publicly condemned banks for their strong opposition to stablecoin yield. He stated their fight is *”anti-retail, anti-consumer, and anti-American.”*
He added that banks are desperately targeting crypto platforms planning to offer yields over 4-5%. Trump claimed customers are waking up as the big banks lose this fight.
The conflict has worsened recently and now threatens to stall the crypto market structure bill known as the CLARITY Act. Ongoing negotiations for a stablecoin yield deal between the two industries have been complicated by new developments.
A key point of contention is Kraken becoming the first crypto-native firm to gain access to the Fed’s payment rails. The American Bankers Association (ABA) strongly opposed this move, calling it rushed and risky for the financial system.
President Donald Trump recently warned banks against undermining his crypto agenda. He cautioned against amending the stablecoin law or holding the CLARITY Act hostage over the yield issue.
It remains unclear if banks will return to the negotiating table to advance the legislation. The previously optimistic outlook for the CLARITY Act’s passage by mid-2026 has been clouded.
Prediction site Polymarket currently shows a 71% chance of the act becoming law in 2026. However, those odds dropped from 78% in just two days amid the deepening rift.
The recent crypto market recovery could be affected if this rift continues to derail legislative progress. The situation highlights the ongoing tension between established finance and the digital asset sector.
