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President Donald Trump on Tuesday accused major banks of trying to weaken U.S. crypto legislation.

“The Genius Act is being threatened and undermined by the banks, and that is unacceptable — We are not going to allow it,” Trump wrote on Truth Social.

The GENIUS Act, which Trump signed into law last year, established a regulatory framework for stablecoins. Attention in Washington has now shifted to the Clarity Act. The bill would define the next phase of crypto regulation but remains stalled in the Senate amid competing committee drafts.

The Clarity Act would establish clearer rules for how digital assets are regulated in…