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Eric Trump: "Major U.S. banks lobby to block stablecoin rewards"

Source

YM Lee

Summary

Eric Trump said major U.S. banks are lobbying to restrict stablecoin reward structures.
He claimed that while big banks receive interest rates of more than 4% from the Federal Reserve, they offer depositors only 0.01%–0.05% in low rates.
He added that groups such as the American Bankers Association are lobbying worth millions of dollars to limit stablecoin reward structures through the Clarity Act, which he said is unfavorable to consumers and individual investors.

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Eric Trump claimed that major U.S. banks are lobbying to restrict stablecoin reward structures.

In a post on X on the 4th (local time), Eric Trump said, "Big banks like JPMorgan, Bank of America and Wells Fargo are lobbying to prevent Americans from earning higher returns on their savings."

He argued, "While major banks pay depositors extremely low rates of about 0.01% to 0.05% per year on ordinary savings accounts, they receive interest of more than 4% from the Federal Reserve (Fed)," adding, "That spread is generating record profits for banks, but almost none of it is passed on to customers."

He also pointed out that as financial services linked to stablecoins move to offer yields or rewards of more than 4% to 5%, the banking industry is seeking to rein them in. He said, "Lobby groups such as the American Bankers Association (ABA) are conducting lobbying worth millions of dollars to restrict stablecoin reward structures through legislation such as the Clarity Act."

Eric Trump said, "This is harmful to consumers and individual investors," and claimed that "major banks are trying to block competition to preserve a low-rate structure."