Bitcoin (COIN:BTCUSD) traded largely steady on Wednesday, drawing limited support after U.S. President Donald Trump called for stronger regulatory backing for the cryptocurrency sector.
However, ongoing concerns surrounding the conflict between the United States and Iran — and the potential inflationary consequences of the situation — continued to weigh on digital assets, curbing momentum after a brief rebound 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 $69,000 earlier this week before giving back part of those gains.
Trump criticizes banks over stablecoin legislation, CLARITY act delays
In a social media post Tuesday evening, Trump accused major U.S. banks of attempting to weaken the GENIUS Act — legislation aimed at regulating stablecoins — by delaying the progress of another key cryptocurrency 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 privately met with Coinbase Global Inc (NASDAQ:COIN) Chief Executive Brian Armstrong shortly before publishing the message. Armstrong has publicly opposed proposals to ban yield payments on stablecoins.
The GENIUS Act was approved by Congress in June 2025 to establish regulatory oversight for stablecoins. The law prevents issuers such as Tether from directly paying yields to holders of their tokens.
However, third-party services — including cryptocurrency exchanges — remain able to provide yield opportunities to stablecoin users, a provision that major banking groups argue represents a regulatory loophole.
Banking lobby groups have pushed for a ban on all stablecoin yield payments to be included in the CLARITY Act, a separate piece of legislation designed to establish a broader regulatory framework for cryptocurrency markets.
Although the House of Representatives approved the bill in July, it has yet to pass the Senate. Disagreements over the treatment of yield payments have been a key reason for the delay, with large banks arguing that stablecoin yield should face the same regulatory standards as traditional bank interest payments.
Crypto prices today: altcoins move sideways as Iran tensions persist
The broader cryptocurrency market traded within a narrow range on Wednesday. While optimism over potential regulatory clarity in the United States offered some support, investor appetite for risk remained limited 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 operations against Tehran continuing.
Concerns about the potential inflationary impact of the conflict — particularly if it disrupts global oil supplies — have weighed heavily on financial markets, increasing fears that persistent inflation could push major central banks toward a more hawkish policy stance.
As a result, risk-sensitive assets including cryptocurrencies saw only modest movement.
The world’s second-largest cryptocurrency, Ether, fell 1% to $1,979.99, while XRP slipped 0.2% to $1.3594.
Solana and BNB traded largely unchanged, while Cardano underperformed with a decline of about 3%.
Among meme coins, Dogecoin dropped 2.6%, while the $TRUMP token fell 3.4%.