On 4 March 2026, Eric Trump launched a blistering attack on America’s biggest banks, accusing institutions like JPMorgan Chase, Bank of America, and Wells Fargo of acting in an “anti-American” manner to protect their profits.
In a statement posted to social media on Wednesday, the Executive Vice President of the Trump Organization claimed these banking giants are lobbying overtime to prevent crypto platforms from paying fair interest rates on stablecoins.
While the Federal Reserve pays banks roughly 3.65% interest on an average investor’s cash, most traditional savings accounts still offer a meagre 0.01% to 0.05%. Eric Trump argues that banks are trying to regulate stablecoins out of existence to ensure you never have a better option.
The “Big Banks”—the very institutions that have held a monopoly and screwed their customers for years, offering near-zero yields on retail Money Market Accounts while crushing low-balance accounts with exorbitant fees—are now doing everything they can to block the Crypto industry… pic.twitter.com/kWXIvt1alK
— Eric Trump (@EricTrump) March 3, 2026
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JP Morgan CEO Said If Stablecoins Want To Act Like Bank Accounts, They Need To Follow Same Strict Rules That Banks Do
Jamie Dimon, CEO of JPMorgan, has explicitly called for a level playing field, insisting that if stablecoins want to act like bank accounts, they need to follow the same strict rules that banks do.
However, critics argue these rules are designed specifically to make the crypto model impossible.
Stablecoin issuers are offering to cut out the middleman and give you the majority of the yield. And banks are fighting to keep that gate closed.
The banking sector and institutions like JPMorgan argue that allowing stablecoins to offer high yields without being subject to bank-level regulation creates an uneven playing field. Their primary fear is something called “deposit flight.”
If you could keep your cash in a digital wallet earning 5% interest, completely liquid and usable 24/7, would you keep it in a Wells Fargo checking account earning 0%? Probably not. Banks estimate that allowing this could drain trillions of dollars from traditional deposits. Without those cheap deposits, the banking business model of lending out your money for profit takes a massive hit.
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What Eric Trump Actually Said: Is World Liberty Financial (WLFI) A Conflict Of Interest?
Eric Trump didn’t mince words, calling the banking lobby “anti-retail, anti-consumer, and straight-up anti-American.” He highlighted the massive spread between what banks earn from the Fed and what they pay customers, accusing them of protecting a “low-rate monopoly.”
However, it is impossible to ignore the elephant in the room: World Liberty Financial (WLFI). Eric Trump is a co-founder of this crypto platform, which issues its own stablecoin, USD1. If the rules change to favor stablecoin yields, the Trump family business stands to profit directly.
This political battle has real consequences for anyone holding digital assets. If the banking lobby wins, stablecoins will likely remain “utilitarian,” useful for trading or sending money, but not for generating passive income.
If the pro-crypto side wins, we could see a new era of “yield-bearing stablecoins.” This means your idle cash on exchanges or in wallets could automatically generate 4-5% APY, similar to a high-yield savings account but on the blockchain.
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Key Takeaways
- Banks want to block stablecoins from paying interest to protect their own low-interest deposit monopoly.
- Banks earn ~3.65% from the Fed but pay savers ~0.01%; stablecoins want to pass that yield to you.
- Eric Trump’s criticism aligns with retail interests, but also benefits his family’s new World Liberty Financial crypto project.
The post Eric Trump Slams Banks Over Stablecoin Rules: “Banks Should Not Be Trying To Undercut The Genius Act” appeared first on 99Bitcoins.
