US President Trump has recently voiced sharp concern about the lack of progress on crypto regulation, urging Congress to pass the Clarity Act immediately while accusing major financial institutions of trying to dilute the bill’s impact. He wrote on social media, “The Clarity Act is being suppressed by the banking system, and that is unacceptable—we will not allow it to continue.” He framed the legislation as a crucial move toward making the United States the world’s crypto capital.
The bill’s core goal is to resolve the long-standing ambiguity over who regulates digital assets in the U.S. Currently the SEC and CFTC overlap and clash on how to categorize and supervise tokens, forcing exchanges and issuers to navigate multiple layers of compliance. If enacted, the Clarity Act would designate clear regulatory authorities, establish a unified rule set, and give the industry a stable roadmap.
However, the traditional banking sector strongly opposes the provision that would permit crypto platforms to pay stablecoin interest. If such yields were allowed, large deposits could flow into higher-return digital asset products, directly undermining banks’ retail funding base. This clash highlights the deeper struggle between legacy institutions and emerging technology amid the digital wave.