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Eric Trump has criticized big banks for lobbying in opposition to high stablecoin yields through the CLARITY act.
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Banks offer a yield of just 0.01% to 0.05%, but stablecoin protocols can offer a yield of over 4%.
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The CLARITY act has been stalled by the U.S. Senate due to a debate about stablecoin yields.
Eric Trump has joined with other crypto-friendly American leaders to advocate for high stablecoin returns through the CLARITY act. Eric Trump has highlighted that the CLARITY Act is a hot topic in the U.S. Senate.
“The next time you see a large bank spending billions of dollars on a new Midtown Manhattan headquarters, you’ll know exactly where the money came from: The non-existent interest rates they ‘pay’ to you! Eric said that the big banks are losing the battle as customers become aware of the games.
Eric joins President Trump to advocate for higher stablecoin yields
Eric has joined President Donald Trump to advocate for higher and more stable yields of stablecoins via the CLARITY act. According to Eric the big banks can’t continue to pay flat rates between 0.01% APY and 0.05%.
Eric highlights that Web3 protocols often offer higher yields for stablecoin deposits. These yields are often over 4%. Eric also believes that the big banks, including JPMorgan Chase Bank of America and Wells Fargo, should strive to offer higher returns since the Federal Reserve pays a minimum of 4%.
Earlier this week President Trump said that banks shouldn’t try to undermine the GENIUS Act, or hold the CLARITY Act as hostage.
What’s next for the CLARITY Act
Bipartisan delays have caused the CLARITY Act to stall in the U.S. Senate. The CLARITY Act, which passed the House of Representatives in 2013, has been scrutinized by the U.S. Senate due to the debate over stablecoin yield.
The CLARITY Act, in its current form, has already divided crypto leaders Brad Garlinghouse (CEO of Ripple Labs) and Charles Hoskinson (founder of the Cardano network). Hoskinson said earlier this week that the CLARITY act, in its current state, is anti crypto growth in the United States.
Brad Garlinghouse is the CEO of Ripple and has backed the legislation. He argues that even imperfect clarity in the regulatory area is better than current uncertainty. Cynthia Lummis, a pro-Web3 senator who supports the crypto market structure bill has urged Congress on the CLARITY Act in the midst of the growing debate over the crypto market structures bill.
Cynthia Lummis, a senior U.S. official, said that the United States could not afford to delay and urged Congress on to pass the CLARITY act as soon as possible. She also stressed the importance of positioning the United States as a global hub for digital assets.
Related to Hoskinson Warns: CLARITY Act Creates New Token Securities by Default
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