Trump urges swift passage of the Clarity Act… “Bills must not be held hostage”

U.S. President Donald Trump urged Congress to move quickly on the Clarity Act, a crypto market-structure bill, while criticizing the banking sector for delaying related legislation.

According to The Block on the 3rd (local time), Trump wrote on Truth Social that “the United States must pass a market-structure bill as soon as possible,” adding that “banks must not weaken the GENIUS Act or hold the Clarity Act hostage.”

The GENIUS Act is a stablecoin regulatory bill enacted last year. It includes provisions banning issuers from paying interest or yields directly to holders of payment stablecoins. However, disagreements in interpretation between banks and the crypto industry persist over whether rewards can be provided via third-party platforms.

The Clarity Act, currently pending in the Senate, is formally titled the Digital Asset Market Clarity Act of 2025. It is a market-structure bill that delineates oversight authority over cryptoassets between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill passed the House last year with bipartisan support, but in the Senate, the Banking Committee and the Agriculture Committee are debating different versions.

The key sticking point is stablecoin yield payments. Banks are seeking an additional explicit ban, arguing that yield-bearing stablecoins could erode deposits. The crypto industry, meanwhile, contends that excessive restrictions would stifle innovation.

Trump said “Americans should earn more with their own money,” noting that “banks are posting record profits.” He added that he would not “let a strong crypto agenda be handed over to other countries such as China.”

The White House has brokered talks over the past month between banks and the crypto industry, but a final agreement has yet to be reached. Sen. Cynthia Lummis also shared Trump’s remarks and called for swift congressional action on the legislation.