Trump's crypto push sparks banking war as PNC and US Bank resist change
A heated debate over cryptocurrency regulation has intensified in the US, with President Donald Trump pushing the Senate to pass a market-structure bill without delay. He accused major banks, including PNC Bank and US Bank, of obstructing crypto progress while reporting record profits. The clash reveals deep divisions between traditional finance and the digital asset sector.
Trump's call for urgency came as banking groups, including Standard Chartered, raised concerns that stablecoins could pull deposits away from traditional institutions. His son, Eric Trump, criticised large banks for preventing customers from accessing higher savings yields.
Austin Campbell, a crypto consultant, argued that community banks and digital assets could work together. He claimed big banks and their lobbyists had manipulated both sides into conflict. Campbell proposed a compromise on the US CLARITY Act, framing it as a way to bridge the gap.
However, Christopher Williston, president of the Independent Bankers Association of Texas, rejected the idea. He warned that concessions to crypto could weaken local lending. The dispute underscores the struggle between established financial systems and the expanding digital economy.
The standoff leaves the future of crypto regulation uncertain. Banks remain wary of deposit outflows, while crypto advocates push for legislative support. The Senate's next steps will determine how—or if—the two industries can coexist under new rules.
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