US President Donald Trump has once again intervened in the cryptocurrency wars, accusing major banks of sabotaging the new industry. What is the essence of the conflict and why might the Clarity Act determine the future of the digital dollar?
In early March 2026, Donald Trump published a loud statement on his social network Truth Solar, which immediately spread through the crypto community. He called on Congress to urgently pass the Clarity Act bill, which regulates the structure of the cryptocurrency market, and sharply criticized the banking sector.
What are Trump's claims against the banks?
According to Trump, traditional banks, which are already making record profits, are trying to block or undermine the new law. Their goal is to prevent cryptocurrency exchanges (like Coinbase) and other platforms from allowing people to earn interest on stablecoins (crypto-dollars like $USDC or $USDT ).
In simple terms, the conflict looks like this:
· Banks are afraid: If people can earn returns just by holding stablecoins on exchanges, they will start withdrawing money from banks. This threatens capital flight from the traditional system.
· Crypto companies insist: Asset owners have the right to passive income. This opportunity, in their opinion, is already embedded in the recently signed stablecoin law (GENIUS Act).
Trump has sided with the crypto industry, stating that banks should not "use the Clarity Act as leverage." He emphasized that if the U.S. does not create clear and fair rules, all innovations and capital will go to China and other countries.
What is the Clarity Act and the GENIUS Act? (Explained simply)
To understand the situation, it's essential to differentiate between two key documents:
1. GENIUS Act — this stablecoin law was signed by Trump back in 2025. It establishes the foundation for issuing digital dollars.
2. Clarity Act — a new bill that aims to define the rules for the entire market. It addresses not only stablecoins but the entire crypto infrastructure: who, how, and under what conditions can provide services.
The adoption of the Clarity Act is currently at risk. Since January 2026, hearings on it in the Senate have stalled. The main sticking point is the very interest on stablecoins that banks want to keep to themselves.
Political struggle and deadlines
The White House has already organized meetings between bankers and crypto entrepreneurs to agree on wording. However, despite the deadline set for the end of February, there is still no consensus.
Why is this important right now?
The Senate has little time. In the summer of 2026, lawmakers will go on recess, followed by an active phase of the election campaign. If the law is not passed in the coming months, the process could drag on indefinitely, leaving the market in a "gray zone."
Trump's conflict of interest?
The situation becomes even more interesting considering that Trump's family has direct ties to the crypto business. The company World Liberty Financial, associated with the president, is already issuing its own stablecoin USD1 and recently applied for a banking trust license. This means that the outcome of this battle will directly affect Trump's business empire.
An unexpected backdrop: war and geopolitics
Interestingly, the statement about the Clarity Act came amid an escalation of military conflict with Iran. While Trump oversees military strikes and special operations in the Middle East, which have already disrupted air and maritime traffic in the Strait of Hormuz, he finds time to personally lobby for crypto legislation. This underscores how high the issue of digital finance ranks for the White House.
What does this mean for the market?
If the Clarity Act is passed in the form that Trump and crypto companies insist upon, it will send a powerful signal to the world:
· Legalization of returns: Exchanges and platforms will be able to legally offer interest on stablecoins, making them even more attractive than bank deposits.
· A blow to banks: Traditional financial institutions will lose their monopoly on attracting capital.
· Competing with China: The U.S. will officially formalize the race for financial technologies, trying to keep innovations at home.
While the market holds its breath in anticipation. The outcome of this battle between old money (banks) and new (crypto) will determine where Americans will store and grow their savings in the near future.
