Eric Trump accused major banks of blocking crypto yields. Meanwhile, the SEC submitted a new proposal on digital asset regulation.
Eric Trump is calling out some of America’s largest financial institutions.
In a pointed X post, he accused banks like JPMorgan Chase, Bank of America, and Wells Fargo of lobbying to block Americans from earning higher yields.
He claims these banks are trying to prevent crypto platforms from offering competitive returns. His comments come as the SEC makes a significant regulatory move of its own.
Big Banks and the Battle Over Crypto Yields
According to Trump, traditional banks currently pay customers between 0.01% and 0.05% APY on standard savings accounts.
He pointed out that the Federal Reserve pays those same banks around 4% or more. Trump argued that this gap generates record profits for banks, with little returned to everyday depositors.
He specifically targeted the American Bankers Association (ABA) and other lobbyists.
Trump claimed they are spending millions to restrict crypto platforms from offering 4% to 5% or higher yields. He mentioned the Clarity Act as one legislative vehicle being used in this effort.
In his view, the push is less about financial stability and more about protecting the banks’ existing deposit base.
Trump argued this approach harms regular consumers and called it anti-American. He pointed to banks spending billions on new headquarters as evidence of where customer savings are actually going.
Related Reading: Donald Trump Accuses Banks After JPMorgan CEO’s Stablecoin Remarks
SEC Steps In With Crypto Guidance Proposal
While Trump was making noise on social media, the SEC was moving on a separate but related front.
Journalist Eleanor Terrett reported that the SEC posted an interpretation to the Office of Information and Regulatory Affairs (OIRA). The document outlines how federal securities laws apply to certain crypto assets and transactions.
Financial commentator Mark noted that this proposal could move the crypto industry closer to regulatory clarity.
The SEC’s submission, titled “Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets,” introduces a token taxonomy. The goal is to distinguish which assets fall under SEC jurisdiction and which fall under CFTC oversight.
Notably, this guidance comes from the full Commission rather than staff level alone. That signals the SEC views this as a consequential step for the market, not a routine memo.
What Regulatory Clarity Could Mean for Crypto Markets
Under Chair Paul Atkins, the SEC appears to be shifting away from pure enforcement toward interpretive guidance.
Mark noted that the CLARITY Act would still be the ideal legislative outcome. However, he suggested this SEC proposal points toward the same destination: defined rules for digital assets.
Terrett confirmed that once OIRA completes its interagency review, the three commissioners will vote on the guidance.
An SEC spokesperson noted that Chairman Atkins had previously signaled the Commission would consider interpretive guidance around a token taxonomy, in line with ongoing market structure legislation.
Observers believe this kind of regulatory clarity could unlock significant institutional capital that has been sitting on the sidelines. ETF approvals for Bitcoin and Ethereum have already shown growing institutional appetite for defined frameworks in the crypto space.
Source: https://www.livebitcoinnews.com/eric-trump-says-jpmorgan-bofa-are-blocking-crypto-yields-as-sec-acts/
