Trump’s Stablecoin Push Set to Collide With Banks
Crypto regulations moving through Congress caught banks by surprise—then Trump said he would start his own stablecoin, scrambling the talks.
New crypto legislation that could make stablecoins a far bigger part of the financial system is moving rapidly through Congress, putting banks on the defensive even before President Donald Trump jumped into the fray.
Trump said he wanted stablecoin rules to be the first crypto legislation of his administration. The banks, caught off guard, intensified lobbying for sweeping changes – from who gets to issue stablecoins to how they are designed – to protect their roles in the financial system.