Eric Trump Blasts JPMorgan, Bank of America, Wells Fargo Over Push To Restrict Stablecoin Rewards To Protect ‘Low Rate Monopoly’

• In a post on X, Eric Trump said banks were trying to project their low interest rates that pale in comparison to crypto platforms offering stablecoin rewards between 4% and 5%. 
• He added that references like Jamie Dimon’s talk of “fairness” are an attempt to prevent deposit flight from traditional banks.
• The Trump family’s World Liberty Financial issues the USD1 stablecoin and the WLFI cryptocurrency.

Eric Trump pointed to JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) among the big banks for being “anti-retail, anti-consumer and straight-up anti-American” in their fight to block stablecoin rewards.

In a post on X on Wednesday, the co-founder of World Liberty Financial (WLFI) and American Bitcoin (ABTC) said bank lobbyists are “spending millions” to ban and restrict stablecoin yields in order to protect their “low-rate monopoly.”

“The ABA and other lobbyists are spending millions trying to ban or restrict those yields via bills like the Clarity Act,” he wrote, adding that references like Jamie Dimon’s talk of “fairness” are an attempt to prevent deposit flight from traditional banks. “This is anti-retail, anti-consumer, and straight-up anti-American.”

‘Low Rate Monopoly’ Of Big Banks

Trump said banks were paying interest rates of between 0.01% and 0.05% on standard savings accounts, even though the Federal Reserve pays around 3.65%. In comparison, crypto platforms offer 4% to 5% yields or rewards for stablecoin holdings.

“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,” he wrote.

WLFI Lags Crypto Rally, But ABTC Stock Locks Gains

World Liberty Financial issues the USD1 stablecoin and the WLFI cryptocurrency. WLFI’s price fell 2.8% in the last 24 hours, even as the rest of the cryptocurrency market gained over 1% and Bitcoin (BTC) had rallied to around $72,300. Retail sentiment around WLFI on Stocktwits continued to trend in ‘bearish’ territory over the past day. Meanwhile, retail sentiment around the dollar-pegged USD1 stablecoin improved to ‘neutral’ from ‘bearish’ territory over the past day. 

While WLFI lagged the Bitcoin rally, ABTC’s stock edged 0.87% higher in pre-market trade on Thursday after a rally of more than 11% during the previous session, after Bitcoin’s price jumped to nearly $74,000. Retail sentiment around ABTC on Stocktwits trended in ‘bullish’ territory over the past day amid ‘high’ levels of chatter.

Bitcoin’s price is down 16% so far this year. In comparison, WLFI’s price has fallen nearly 30%, and ABTC’s stock is down almost 35% year-to-date.

Read also: Dogecoin, Ethereum Outperform Bitcoin After $600 Million Liquidation Wave Hits Crypto Market

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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