Banks Protecting Their ‘Low-Rate Monopoly,’ Says Trump

Trump took to X, lashing out at the American Bankers Association and other lobbyists who are spending “millions” to restrict yields on stablecoin balances through the cryptocurrency market structure bill, also referred to as the CLARITY Act.

“Next time you see a big bank dropping billions on a shiny new Midtown Manhattan HQ, you know exactly where that money comes from: the non-existent interest rate they "pay" you,” Trump made a sweeping remark.

Trump Family’s Feud With Banking Behemoths

The Trump family has alleged that JPMorgan and Bank of America closed hundreds of accounts linked to their businesses for politically motivated reasons. The banks have consistently denied these accusations.

JPMorgan and Bank of America didn’t immediately return Benzinga’s request for comment on Trump’s latest attack.

Crypto Vs. TradFi Clash

Eric Trump’s remarks followed President Donald Trump‘s post on Truth Social that banks are attempting to undermine the cryptocurrency legislation critical to keeping innovation within the U.S. rather than pushing it overseas to countries like China.

He also criticized banks for posting record profits while opposing pro-crypto reforms, urging them to work collaboratively in the interest of Americans.

Price Action:  Shares of JPMorgan rose 0.11%% in after-hours trading after closing -0.29% lower at $299.39 during Wednesday’s regular trading session, according to data from Benzinga Pro. 

Meanwhile, American Bitcoin shares closed up 11.65%. Benzinga's Edge Stock Rankings highlight a weaker price trend across short-, medium-, and long-term.