A critical but underreported financial conflict is unfolding in the United States. President Trump’s confrontation with major banks over cryptocurrency legislation and the broader control of money signals a significant power struggle over control of financial systems.
While global attention remains fixed on geopolitical conflicts such as the situation in Iran, this banking war carries potentially greater consequences for individual wealth and the future of the American financial system.
Who controls money in America: President Trump publicly called out banks by name on his social media platform, True Social, accusing them of undermining recent crypto-related legislation, specifically the Genius Act and the Clarity Act, reports entrepreneur and investor, Mark Moss.
Thomas Jefferson warned in 1802 that private banks controlling currency issuance threaten liberties and can systematically deprive citizens of their property gradually and invisibly. Moss draws parallels between this warning and current banking practices.
Genius Act (passed earlier this year): The first federal regulatory framework for stablecoins in the U.S., defining what stablecoins are, how they should operate, and who can issue them.
Clarity Act (passed House, pending Senate): A broader regulatory framework for the entire digital asset market, with a crucial provision (Section 404) enabling legal, yield-bearing stablecoins that threaten the banks’ deposit monopoly.
Who controls money in America: U.S. banks feel threatened as they hold approximately $6.6 trillion in customer deposits, paying depositors roughly 0.1% interest while earning billions by lending these deposits at much higher rates (6-8%). This fractional reserve banking system depends on depositors leaving their money in banks.
If stablecoins offer better yields (3.6%-6%), depositors could withdraw funds en masse, causing liquidity crises or bank runs.
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Who controls money in America: Moss identifies two previous major restructurings of the U.S. monetary system: 1913 with the creation of Federal Reserve, where Private banks gained control over money supply; centralized monetary power.
1971 when President Nixon closed the gold window which marked the End of gold-backed currency; unlimited money printing begins; savers lose purchasing power.
Both events created windows of opportunity where informed individuals built generational wealth, while many others were left behind. The current moment (2026) is framed as the third such restructuring.
Recently, Kraken, a major crypto exchange, was granted direct access to the Federal Reserve’s payment system through a Fed master account. This is a historic first, allowing a non-bank entity to move money directly on the Fed’s infrastructure, bypassing traditional banks and breaking a century-old transactional monopoly.
The Bank Policy Institute and community bankers expressed “deep concern” over this development, not about consumers or the economy but about risks to the banking system itself. Banks are aggressively lobbying—spending upwards of $87 million last year—to block legislation that threatens their dominance, Moss points out.
Historically, banks have fought crypto by scaring the public with negative rhetoric (fraud, pyramid schemes,) lobbying to block legislation, buying crypto assets when prices crash (“buying the dip”,) e-packaging crypto into financial products (e.g., ETFs) to profit from retail investors. Consequentially, the financial landscape is shifting dramatically at the moment. Those who understand what is happening, may come out on top.
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