15:05 ▪
4
min read ▪ by
The son of the American president does not mince words. In a series of posts on X, Eric Trump accuses JPMorgan, Bank of America and Wells Fargo of actively sabotaging crypto revenue products to better protect their colossal margins. The open war between Wall Street and the crypto world has just reached a new level.
In short
- Eric Trump accuses major US banks of aggressively lobbying against high-yield crypto products.
- Traditional savings accounts yield between 0.01% and 0.05% annually, compared to the 4% the Fed pays banks.
- Crypto platforms and stablecoins promise users returns of 4-5% or more.
Wall Street vs. Crypto, Low-Rate Lobby
On March 4, 2026, Eric Trump posted a striking message on X that directly targeted the giants of American finance. According to him, JPMorgan Chase, Bank of America and Wells Fargo are conducting an aggressive lobbying campaign to prevent Americans from accessing crypto savings products that offer returns far higher than traditional banks.
His observation is brutal: banks pay savers 0.01% to 0.05% per year on their savings accounts, while the Federal Reserve rewards banks with 4% of their reserves. A colossal loophole that brings record profits to financial institutions at the expense of the average depositor.
“The next time you see a big bank spending billions on a brand new headquarters in Midtown Manhattan, you’ll know exactly where that money is coming from.“, he wrote unequivocally.
Faced with this reality, crypto platforms offer returns on stablecoins ranging from 4 to 5% or even more. Figures that are clearly shaking up Wall Street.
The Clarity Act, the regulatory stake at the heart of the battle
This war is not just about numbers. It is also being fought in the halls of the US Congress. Eric Trump points to the American Bankers Association (ABA) and other lobbying groups spending millions to limit or ban these revenues through the Clarity Act, a bill passed by the House of Representatives in 2025 but still stalled in the Senate.
Nevertheless, this bill aims at a clear goal: to define the rules for digital asset markets, especially when it comes to rewards paid by crypto platforms and stablecoin issuers. A topic directly related to the rise of DeFi and projects like World Liberty Financial, associated with the Trump family.
Also on March 4, Donald Trump went on Truth Social, bashing the banks and demanding swift passage of the Clarity Act. He warned: without this law, the US Web3 industry is in danger of fleeing to other countries, especially China.
The battle between traditional finance and cryptocurrencies is entering a decisive phase. If revenues from stablecoins spread, trillions of dollars in bank deposits could migrate to the blockchain. The big banks have a lot to lose and are apparently doing everything to delay the outcome.
Maximize your Cointribune experience with our “Read and Earn” program! Earn points for every article you read and get access to exclusive rewards. Register now and start reaping the benefits.
I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The views, thoughts and opinions expressed in this article are solely those of the author and should not be taken as investment advice. Before making any investment decision, do your own research.
