US President Donald Trump has intensified his efforts to promote cryptocurrency regulations, drawing a line with banks over the issue. In a recent statement on his Truth Social platform, he emphasized the importance of protecting the crypto industry's interests, warning that inaction would allow China to take advantage of the situation.
The administration is pushing for the passage of the Clarity Act, which aims to establish a comprehensive regulatory framework for digital assets in the US. However, banks have been lobbying against certain provisions in the bill, including one that would allow crypto exchanges to pay yield to users holding stablecoins.