Last updated on May 12th, 2026 at 08:24 pm
Eric Trump has accused major U.S. banks of lobbying aggressively against cryptocurrency platforms that offer higher yields to consumers, intensifying the growing rift between traditional finance and the digital asset industry.
In a post on X, Trump alleged that banking giants, including JPMorgan Chase, Bank of America, and Wells Fargo, are attempting to block Americans from accessing higher returns through crypto-based savings products.
Let me make this very clear: Big Banks (think JPMorgan Chase, Bank of America, Wells Fargo, etc.) are lobbying overtime to block Americans from getting higher yields on their savings—while trying to block any rewards or perks from being given to customers.
These banks, and…
— Eric Trump (@EricTrump) March 4, 2026
“Big banks are lobbying overtime to block Americans from getting higher yields on their savings,”
Trump wrote.
Eric Trump claims banks are fighting crypto yield products
He argued that traditional banks currently offer extremely low annual percentage yields on savings accounts, often between 0.01% and 0.05%, despite benefiting from higher interest rates paid by the Federal Reserve.
According to Trump, the banking industry is particularly concerned about crypto and stablecoin platforms that are exploring savings products offering returns in the range of 4% to 5%.
He claimed that major banking lobby groups are pushing lawmakers and regulators to limit or block these offerings through legislation and regulatory pressure.
Crypto legislation debate fuels industry tensions
Eric Trump’s remarks come as policymakers in Washington debate new legislation aimed at defining the regulatory framework for digital assets.
Two key proposals currently under discussion include the CLARITY Act and the GENIUS Act, both of which seek to establish clearer rules for cryptocurrencies and related financial services.
According to Trump, banks are framing their opposition around concerns about fairness and financial stability while attempting to protect the profit margins they earn from the spread between the interest they receive and the lower rates paid to depositors.
The comments echo similar criticism from Donald Trump, who recently argued that large banks are trying to undermine crypto legislation that could strengthen the United States’ position in the global digital asset market.
In a statement shared on Truth Social, the president urged Congress to move quickly on market structure legislation to prevent the crypto sector from relocating operations to more favourable jurisdictions.
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