Trump Issues a Call to Action: The Banking Sector Should Not Block Cryptocurrency Legislation — The U.S. Must Pass the CLARITY Act

President Trump today took to social media to publicly pressure the legislative process surrounding the GENIUS Act and the CLARITY Act, directly accusing the banking industry of obstructing their passage and warning that if action is not taken swiftly, the U.S. could cede its crypto industry to China and other countries.

On Truth Social, Trump stated that the GENIUS Act is under threat and sabotage by banks, which is unacceptable. The U.S. must expedite market structure legislation.

He also said Americans should benefit more from their own funds and pointed out that banks are recording record profits while attempting to undermine America's crypto agenda. If we don't get the CLARITY Act passed, the crypto industry could ultimately flow to China and other nations.

Trump further emphasized that the GENIUS Act is the first step toward making the U.S. the "world crypto capital," and passing the CLARITY Act is the next step to complete this goal and is key to "keeping this large and powerful industry in America." Trump also called for cooperation between the banking sector and the crypto industry, as this best serves the interests of the American people.

CFTC Chairman Mike Selig responded in kind, echoing the president's remarks, stating that the CLARITY Act must be passed. He emphasized that establishing a forward-looking digital asset market structure is crucial, and the CFTC is ready to push the legislation forward.

Selig also highlighted that Trump is ushering in America's "golden age," and this legislation is vital for the U.S. to maintain its position as a global innovation leader. In his words: "Now is the time to act."

In summary, based on Trump's statements, the White House's stance on crypto legislation is very clear: Congress must pass the CLARITY Act as soon as possible, firmly prevent banking interest groups from obstructing the legislative process, and avoid the outflow of the U.S. crypto industry.

Meanwhile, with the active response from the CFTC chairman, it indicates that the battle over stablecoins and market regulation is intensively playing out among the White House, Congress, the banking sector, and the crypto industry. Whether the U.S. can maintain its crypto leadership depends on current decisions and actions.

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