Bitcoin (COIN:BTCUSD) traded broadly steady on Wednesday, finding modest support after U.S. President Donald Trump called for stronger regulatory backing for the cryptocurrency sector.
Still, lingering concerns about the ongoing U.S.–Iran conflict and its potential inflationary impact continued to pressure digital assets, limiting gains after a brief recovery earlier in the week.
Bitcoin was little changed at $68,147.8 as of 01:30 ET. The world’s largest cryptocurrency had climbed toward the $69,000 level earlier in the week before surrendering part of those gains.
Trump criticizes banks over stablecoin legislation, CLARITY Act delays
In a social media post late Tuesday, Trump accused major U.S. banks of attempting to weaken the GENIUS Act — legislation aimed at regulating stablecoins — by slowing the progress of another key crypto bill, the CLARITY Act, in the U.S. Senate.
“Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda that will end up going to China, and other Countries if we don’t get The Clarity Act taken care of,” Trump said.
“The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage. They need to make a good deal with the Crypto Industry,” the president said.
According to a Politico report, Trump had privately met Coinbase Global Inc (NASDAQ:COIN) Chief Executive Officer Brian Armstrong shortly before publishing the post. Armstrong has been a vocal opponent of banning yield payments on stablecoins.
The GENIUS Act, passed by Congress in June 2025, established a regulatory framework for stablecoins and prohibits issuers such as Tether from directly paying yields to token holders.
However, third-party platforms — including cryptocurrency exchanges — remain able to offer yield products tied to stablecoins, something major banking groups argue creates a regulatory loophole.
Banking lobby groups have been pushing to include a comprehensive ban on stablecoin yield payments in the CLARITY Act, a separate piece of legislation intended to define the broader market structure for the crypto industry.
The House of Representatives approved the bill in July, but it has yet to pass the Senate. Disagreements over the treatment of yield payments have played a central role in the delay, with major banks arguing that returns generated from stablecoins should be regulated similarly to interest payments offered by traditional banks.
Crypto prices today: altcoins trade narrowly as Iran tensions persist
The wider cryptocurrency market moved within a tight range on Wednesday. Although hopes for clearer regulation in the United States provided some support, risk appetite remained subdued due to ongoing geopolitical tensions in the Middle East.
Reports indicated that hostilities involving the United States, Israel and Iran entered a fifth consecutive day on Wednesday, with military actions against Tehran continuing.
Concerns about the inflationary implications of the conflict — particularly if disruptions to global oil supply intensify — have weighed on markets, increasing fears that stubborn inflation could push major central banks toward more hawkish policy positions.
As a result, risk-sensitive assets such as cryptocurrencies saw only limited upward momentum.
Ether, the world’s second-largest cryptocurrency, declined 1% to $1,979.99, while XRP slipped 0.2% to $1.3594.
Solana and BNB showed little movement, while Cardano underperformed with a decline of around 3%.
Among meme tokens, Dogecoin dropped 2.6%, while the $TRUMP token fell 3.4%.
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