Trump's Son Accuses Big Banks of Suppressing Crypto Yields, Igniting Wall Street vs. Crypto Clash

Eric Trump, son of former U.S. President Donald Trump, has taken to social media platform X to call out JPMorgan Chase, Bank of America, and Wells Fargo, accusing them of deliberately hindering the promotion of crypto asset yield products to protect the massive interest rate spreads of the traditional financial system. He pointed out that these large banks offer depositors savings interest rates of only 0.01% to 0.05% per year, while earning as much as 4% on reserve balances from the Federal Reserve, with the huge interest rate spread constituting the core profit source for the banks. In contrast, crypto platforms generally offer annualized stablecoin yields of 4% to 5% or even higher, directly impacting the traditional banking model. This conflict is driving intense regulatory battles. The recently proposed Clarity Act seeks to establish clear rules for the digital asset market, with a particular focus on the yield mechanisms paid by crypto platforms and stablecoin issuers. The direction of this bill not only affects the compliant development of the decentralized finance (DeFi News) ecosystem but also impacts the fate of emerging companies associated with the Trump family, such as World Liberty Financial. This contest over financial yield rights is escalating from the market level to a deep confrontation of policy and institutions.