Eric Trump Says JPMorgan, Wells Fargo And Bank of America Trying To Block Americans From Getting Higher Yields On Savings By Sabotaging Clarity Act

Eric Trump, co-founder of the World Liberty Financial (CRYPTO: WLFI) platform, stepped up his attack on U.S. banking giants on Wednesday, accusing them of “desperately targeting” the cryptocurrency industry.

Banks Protecting Their ‘Low-Rate Monopoly,’ Says Trump

Trump took to X, lashing out at the American Bankers Association and other lobbyists who are spending “millions” to restrict yields on stablecoin balances through the cryptocurrency market structure bill, also referred to as the CLARITY Act.

Trump, also the co-founder of American Bitcoin Corp. (NASDAQ:ABTC), pointed out the supposed hypocrisy of big banks, including JPMorgan Chase & Co. (NYSE:JPM) and Bank of America (NYSE:BAC), of demanding “fairness” while really just “protecting their low-rate monopoly and preventing deposit flight.”

“Next time you see a big bank dropping billions on a shiny new Midtown Manhattan HQ, you know exactly where that money comes from: the non-existent interest rate they "pay" you,” Trump made a sweeping remark.

Trump Family’s Feud With Banking Behemoths

The Trump family has alleged that JPMorgan and Bank of America closed hundreds of accounts linked to their businesses for politically motivated reasons. The banks have consistently denied these accusations.

JPMorgan and Bank of America didn’t immediately return Benzinga’s request for comment on Trump’s latest attack.

Crypto Vs. TradFi Clash

Eric Trump’s remarks followed President Donald Trump‘s post on Truth Social that banks are attempting to undermine the cryptocurrency legislation critical to keeping innovation within the U.S. rather than pushing it overseas to countries like China.

He also criticized banks for posting record profits while opposing pro-crypto reforms, urging them to work collaboratively in the interest of Americans.

Interestingly, reports emerged that Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong met Trump privately at the White House before the president blasted banks on social media.

Banks and the cryptocurrency industry, led by Coinbase, have clashed over yields on dollar-pegged stablecoins. JPMorgan Chase CEO Jamie Dimon argued that offering yield on customer balances makes crypto entities functionally like deposit-taking institutions and should be regulated as one.

Price Action:  Shares of JPMorgan rose 0.11%% in after-hours trading after closing -0.29% lower at $299.39 during Wednesday’s regular trading session, according to data from Benzinga Pro. 

Meanwhile, American Bitcoin shares closed up 11.65%. Benzinga's Edge Stock Rankings highlight a weaker price trend across short-, medium-, and long-term.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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