Donald Trump on Tuesday accused the banking industry of undermining the stablecoin framework created by the GENIUS Act, which he signed into law last year.

The dispute centers on a provision that banks say leaves a loophole allowing third-party companies to offer rewards to stablecoin holders, which they argue should be addressed in new crypto legislation.

That broader bill, known as the Clarity Act, aims to divide oversight of digital assets between financial regulators but has stalled in the Senate amid industry disagreements.

Crypto advocates contend that offering rewards is essential for stablecoins to compete in the payments market and have resisted changes sought by banks, The Hill has reported.

Despite White House meetings to broker a compromise, negotiations remain deadlocked, delaying progress on market structure reform.