Eric Trump Blasts Big Banks for Blocking Crypto Yields as SEC Acts on Regulation

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Eric Trump Says JPMorgan, BofA Are Blocking Crypto Yields As SEC Acts

Eric Trump claims that large banks are preventing people from earning returns on cryptocurrency. At the same time, the Securities and Exchange Commission has put forward a new plan for regulating digital assets.

Eric Trump is calling out some of America’s largest financial institutions.

He publicly criticized major banks – including JPMorgan Chase, Bank of America, and Wells Fargo – claiming they are using their influence to prevent Americans from getting better interest rates.

He argues that banks are attempting to stifle crypto companies from providing attractive interest rates. This statement follows a major new regulation from the Securities and Exchange Commission (SEC).

Big Banks and the Battle Over Crypto Yields

Trump says that typical savings accounts currently earn customers between 0.01% and 0.05% in annual interest.

He noted that the Federal Reserve currently pays banks around 4% or higher. Trump explained that this difference creates substantial profits for banks, while regular people see little benefit in their savings accounts.

He specifically targeted the American Bankers Association (ABA) and other lobbyists. 

To put it simply, large banks like JPMorgan Chase, Bank of America, and Wells Fargo are working hard to prevent Americans from earning more interest on their savings and are also trying to eliminate customer rewards and benefits.

These banks, and…

— Eric Trump (@EricTrump)

Trump stated that millions of dollars are being used to limit crypto platforms from offering high interest rates, specifically between 4% and 5% or more. He identified the Clarity Act as one of the laws being considered to achieve this.

He believes this effort isn’t primarily about making the financial system secure, but rather about keeping customers from withdrawing their money from banks.

Trump claimed this practice hurts everyday people and is unpatriotic. He noted that banks are investing heavily in new buildings, suggesting that customer savings aren’t being used to benefit them.

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. 

According to journalist Eleanor Terrett, the Securities and Exchange Commission (SEC) has submitted a document to the Office of Information and Regulatory Affairs (OIRA) explaining how existing securities laws will be applied to specific cryptocurrencies and related transactions.

Today, the Securities and Exchange Commission (SEC) issued guidance to clarify how federal securities laws affect certain cryptocurrencies and related transactions.

While interpretations don’t change the law, the Commission issuing this guidance,…

— Eleanor Terrett (@EleanorTerrett)

According to financial commentator Mark, this proposal could help bring more clear rules to the cryptocurrency industry.

The Securities and Exchange Commission (SEC) has released a document explaining how it classifies different types of crypto assets. This document, titled “Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets,” creates a system for categorizing these assets to determine whether the SEC or the Commodity Futures Trading Commission (CFTC) should oversee them.

Importantly, this direction is coming directly from the SEC Commissioners, not just their staff. This shows the SEC believes this is a significant change for the market, not just a standard announcement.

What Regulatory Clarity Could Mean for Crypto Markets

The Securities and Exchange Commission, led by Chair Paul Atkins, seems to be moving away from simply punishing violations and toward providing more clear explanations of the rules.

Mark believes the CLARITY Act remains the best solution, but he sees this SEC proposal as a step in the same direction – establishing clear rules for digital assets.

Terrett stated that after the Office of Information and Regulatory Affairs finishes its review process, the three commissioners will then vote on the guidance.

A representative from the SEC stated that Chairman Atkins had previously indicated the Commission was planning to clarify how it categorizes digital tokens, especially as Congress continues to discuss rules for the financial markets.

Experts suggest that clear regulations could free up a lot of money currently held by institutional investors. The recent approval of Bitcoin and Ethereum exchange-traded funds (ETFs) demonstrates that these institutions are eager to invest in crypto when there are established rules and guidelines.

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2026-03-05 13:06