Trump noted that banks should seek a compromise with the crypto industry rather than oppose the provisions of the bill that allow crypto platforms to pay yields to stablecoin holders. According to him, otherwise, the CLARITY bill may get stuck in the U.S. Congress for a long time.
The president also expressed concern that the previously passed GENIUS law, which regulates the issuance and circulation of stablecoins, may be threatened by pressure from the banking sector. Trump promised not to allow such a development.
The CLARITY bill has been under discussion for more than a year. It proposes a division of powers between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) regarding oversight of crypto assets.
The promotion of the initiative is complicated by objections from banks. Financial organizations fear that if stablecoin issuers begin to pay rewards for holding tokens, depositors may withdraw funds en masse from traditional banks, which would create risks to financial stability.
Some Democrats also criticize the bill. In particular, the senator from Massachusetts, Elizabeth Warren, believes that such initiatives create a potential conflict of interest. Earlier, she proposed banning high-ranking officials and their family members, including the president, from conducting operations with cryptocurrencies.
Managing Director of the TD Cowen research group, Jaret Seiberg, called Trump's idea of a "world" between banks and crypto companies constructive, but doubted that the president's publications on social media could overcome the legislative deadlock.
"For banks to agree to the version of the CLARITY bill that does not include a ban on yield payments by stablecoin issuers, personal involvement from President Trump will be required," said Seiberg.
Earlier, analysts at JPMorgan suggested that the adoption of the CLARITY law could positively impact the crypto market, simplify access for large companies to digital assets, and support venture investments in the U.S.