According to BlockBeats, on March 5th, POLITICO reported that US President Donald Trump recently posted on the social media platform Truth Social, stating that he will not allow the banking industry to "undermine America's strong crypto agenda," and urged Wall Street to reach an agreement with the crypto industry to push forward the stalled digital asset market structure bill in the Senate.
The bill is currently stuck on a core point of contention between the banking and crypto industries: whether crypto exchage can pay yields to stablecoin holders. Banks are concerned that this could lead depositors to move funds from bank accounts to stablecoin products, thereby weakening the bank deposit base and impacting credit supply.
Despite Trump's public endorsement of the crypto industry, industry insiders generally believe that this statement is unlikely to change the Senate voting landscape. Senator Thom Tillis, a Republican member of the Senate Banking Committee, stated that the president's remarks will not alter the banking industry's stance on risk issues.
The crypto community believes that Trump's intervention could force banks to make concessions in negotiations. Senator Cynthia Lummis pointed out that if banks take a hard line on stablecoin yields, they may face pressure from the government on other regulatory issues.
Currently, U.S. government officials have intervened to coordinate negotiations between the banking industry and crypto companies, but the two sides have not yet reached a consensus on stablecoin yield mechanisms, which has become a key obstacle to the advancement of digital asset legislation.
