Eric Trump recently took to social media to publicly criticize major U.S. banks, pointing out that they offer annual interest rates of only 0.01% to 0.05% on ordinary deposit accounts, while earning over 4% from the Federal Reserve. He noted that this huge interest rate spread allows banks to continue profiting, while ordinary depositors hardly share in the returns of the financial system. He further stated that large banks are actively lobbying legislatures to prevent customers from accessing higher-yielding financial products, and even suppressing various rewards and incentive programs.
He emphasized that while banks are earning huge margins on low-interest deposits, more and more users are turning to alternative financial instruments such as stablecoins to seek more reasonable returns. This is triggering a structural conflict between the traditional financial system and the crypto space.
Currently, proposals under consideration in the Senate would restrict companies from paying interest solely for holding deposits and significantly reduce the scope of rewards programs. This move is seen by the crypto industry as a suppression of innovation. Former President Donald Trump has also publicly stated that banks are blocking legislative processes such as the "Genius Act" and the "Clarity Act" that promote financial inclusion, believing that cooperation between banks and crypto companies is the right direction in the public interest.
Although the White House had set a deadline of March 1 for banks and crypto companies to reach a consensus, the two sides failed to agree on a stablecoin yield mechanism. As the Senate Banking Committee plans to hold a new hearing in mid-March, the market is widely watching whether Congress can streamline the regulatory framework before the upcoming election cycle. This decision may determine the future direction of crypto finance in the United States.