TLDR
- Eric Trump called JPMorgan, Bank of America, and Wells Fargo “anti-American” for lobbying against stablecoin yields
- He said banks pay customers 0.01ā0.05% APY while earning ~3.65% from the Federal Reserve
- Crypto platforms want to offer 4ā5%+ yields on stablecoins through legislation like the Clarity Act
- JPMorgan CEO Jamie Dimon said stablecoin issuers should be regulated like banks if they pay interest
- White House crypto advisor Patrick Witt pushed back on Dimon, saying yield alone does not require bank-level regulation
Eric Trump launched a public attack on major U.S. banks this week, accusing them of lobbying to block Americans from earning higher returns on their savings through crypto stablecoins.
In a post on X on Wednesday, Trump called out JPMorgan Chase, Bank of America, and Wells Fargo by name. He said the banks are working against consumer interests to protect their own profit margins.
Let me make this very clear: Big Banks (think JPMorgan Chase, Bank of America, Wells Fargo, etc.) are lobbying overtime to block Americans from getting higher yields on their savingsāwhile trying to block any rewards or perks from being given to customers.
These banks, andā¦
— Eric Trump (@EricTrump) March 4, 2026
Trump pointed to the gap between what banks pay customers and what the Federal Reserve pays banks. He said banks pay depositors as little as 0.01% to 0.05% in annual percentage yield, while collecting around 3.65% from the Fed.
He argued that crypto platforms are now threatening that model by planning to offer stablecoin yields of 4% to 5% or more. Trump said the banks are trying to shut that down through legislation.
The American Banking Association and other lobbying groups are spending millions to restrict those yields through the Clarity Act, according to Trump. He called the effort “anti-retail, anti-consumer, and straight-up anti-American.”
Eric Trump is a co-founder of World Liberty Financial, which issues the USD1 stablecoin. The company is also seeking a banking charter through the Office of the Comptroller of the Currency.
The Trump family’s involvement in World Liberty Financial has drawn criticism. Some have raised concerns about potential conflicts of interest given President Donald Trump’s role in shaping crypto policy.
Banks Push Back on Stablecoin Yields
Banks have argued that letting stablecoin platforms pay interest could trigger a massive shift of deposits away from traditional financial institutions. They say this could create financial instability.
JPMorgan CEO Jamie Dimon weighed in earlier this week. He said any stablecoin issuer paying interest on balances should face the same regulatory rules as banks.
“If you’re going to be holding balances and paying interest, that’s a bank. You should be regulated like a bank,” Dimon said.
White House Crypto Advisor Responds
Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, disputed Dimon’s framing. He said it is misleading to link stablecoin yields to bank-like regulation.
Witt said the key issue is not whether a platform pays yield, but whether it lends out or rehypothecates the underlying deposits. He said that practice is what requires bank-level oversight, not the payment of yield alone.
President Donald Trump also posted about the Clarity Act on Tuesday, pushing Congress to move the bill forward. He echoed similar criticisms of banks holding up the stablecoin provisions.
Donald Trump’s post came shortly after he met with Coinbase CEO Brian Armstrong. Armstrong had publicly withdrawn support from the bill in January, citing concerns over stablecoin provisions and other sections of the legislation.
The White House has been holding talks between traditional finance and crypto firms to close the gap. As of now, no final agreement has been reached on the stablecoin yield issue.
