The son of the American president does not mince his words. In a series of posts on X, Eric Trump accuses JPMorgan, Bank of America and Wells Fargo of actively sabotaging crypto yield products, to better protect their colossal margins. An open war between Wall Street and the crypto world has just reached a new milestone.
In brief
- Eric Trump accuses major US banks of aggressive lobbying against high-yielding crypto products.
- Traditional savings accounts earn between 0.01% and 0.05% per year, compared to 4% paid by the Fed to banks.
- Crypto and stablecoin platforms promise returns of 4-5% or more to users.
Wall Street against crypto, the low interest rate lobby
On March 4, 2026, Eric Trump published a powerful message on X, directly targeting the behemoths of American finance. According to him, JPMorgan Chase, Bank of America and Wells Fargo are waging an aggressive lobbying campaign to prevent Americans from accessing crypto savings products offering returns far higher than traditional banks.
The observation he draws is stark: banks pay savers between 0.01% and 0.05% per year on their savings accounts, while the Federal Reserve pays them 4% for their reserves. A colossal gap which generates record profits for financial institutions, to the detriment of the simple 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, without ambiguity.
Faced with this reality, crypto platforms offer returns on stablecoins ranging from 4 to 5%, or even more. Figures that clearly make Wall Street tremble.
The Clarity Act, the regulatory issue at the heart of the battle
This war is not just a quarrel over numbers. It is also played out in the corridors of the American Congress. Eric Trump points the finger at the American Bankers Association (ABA) and other pressure groups, which are spending millions to limit or prohibit these returns via the Clarity Act, a text passed by the House of Representatives in 2025, but still blocked in the Senate.
However, this bill has a clear objective: to define the rules of the game for digital asset markets, particularly on the issue of rewards paid by crypto platforms and stablecoin issuers. A subject directly linked to the rise of DeFi and projects like World Liberty Financial, associated with the Trump family.
Also on March 4, Donald Trump took the stand on Truth Social, castigating the banks and demanding rapid adoption of the Clarity Act. He warned: without this text, the American Web3 industry risks fleeing to other countries, notably China.
The battle between traditional finance and crypto is entering a decisive phase. If stablecoin yields were to become more widespread, billions of dollars of bank deposits could migrate to the blockchain. The big banks therefore have a lot to lose, and clearly everything they can do to delay the deadline.
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