US President Donald Trump boarded Air Force One at Palm Beach International Airport in West Palm Beach, Florida, on March 1, 2026, to return to Washington, DC.
In a high-profile shift, President Trump has now sided with crypto firms in their escalating conflict with U.S. banks concerning the offering of interest-like returns on stablecoins.
On Tuesday night, Trump used his social media platform to increase pressure on banks, insisting they should compromise on the stablecoin yield matter.
This disagreement has become the primary barrier to the Congressional approval of the Clarity Act, which accompanies the previously passed Genius Act, and is designed to establish a framework for the regulation of stablecoins.
Trump's social media post read, "The Genius Act is being threatened and undermined by the Banks, and that is unacceptable. They need to make a good deal with the Crypto Industry because that's what's in best interest of the American People."
Following these comments, Coinbase shares jumped by up to 15% during midday trading on Wednesday, while shares of major banks like JPMorgan Chase and Bank of America saw a decline of less than 1%.
Trump's endorsement of the crypto sector may influence members of his Republican Party in the majority-controlled Congress, though it's uncertain if this will be enough to pass the Clarity Act. The move also opens a new discussion about potential conflicts of interest, as reports suggest the Trump family holds significant financial interests in several firms, including the crypto platform World Liberty Financial.
The core of the disagreement lies in whether crypto companies such as Coinbase should be allowed to offer returns on stablecoins. Crypto firms argue that it provides a lucrative opportunity for consumers to profit from idle funds, while banks caution that this could lead to substantial financial shifts away from traditional banking.