Overview
- President Donald Trump accused banks of holding crypto legislation hostage and pushed for swift action after meeting privately with Coinbase CEO Brian Armstrong.
- Eric Trump named JPMorgan, Bank of America and Wells Fargo as lobbying to block 4–5% stablecoin returns, while his World Liberty Financial venture faces conflict-of-interest scrutiny.
- The core dispute over whether nonbanks can offer yield on stablecoin balances has frozen a Senate Banking Committee markup of the CLARITY Act with no new date set.
- Coinbase shares jumped roughly 15% on March 4 as the public clash intensified, as several large bank stocks edged lower, according to market reports.
- Kraken won access to Federal Reserve payment rails this week, drawing criticism from the American Bankers Association and adding pressure to the policy fight.