Eric Trump, co-founder of the World Liberty Financial (WLFI) platform, isn't mincing words about America's banking giants. On Wednesday, he accused them of "desperately targeting" the cryptocurrency industry—and he says it's all about protecting their turf.

Here's the fight: Trump took to social media to call out the American Bankers Association and other lobbyists who he says are spending "millions" to restrict yields on stablecoin balances through something called the CLARITY Act. That's the cryptocurrency market structure bill currently making its way through Washington.

Trump, who also co-founded American Bitcoin Corp. (ABTC), pointed to what he sees as pure hypocrisy. Big banks like JPMorgan Chase & Co. (JPM) and Bank of America (BAC) talk about "fairness," he argues, but what they're really doing is "protecting their low-rate monopoly and preventing deposit flight."

"Next time you see a big bank dropping billions on a shiny new Midtown Manhattan HQ, you know exactly where that money comes from: the non-existent interest rate they 'pay' you," Trump said in a sweeping remark that cuts to the heart of the traditional banking model.

This isn't just business—it's personal too. The Trump family has alleged that JPMorgan and Bank of America closed hundreds of accounts linked to their businesses for politically motivated reasons. The banks have consistently denied these accusations. When asked about Trump's latest comments, neither bank immediately responded.

Eric Trump's remarks came right after his father, Donald Trump, posted on Truth Social that banks are trying to undermine cryptocurrency legislation that's critical to keeping innovation in the U.S. rather than pushing it overseas to countries like China. The former president also criticized banks for posting record profits while opposing pro-crypto reforms, urging them to work collaboratively in the interest of Americans.

Interestingly, reports emerged that Coinbase Global Inc (COIN) CEO Brian Armstrong met privately with Trump at the White House before the president blasted banks on social media. This suggests some coordination between crypto industry leaders and political figures who support their cause.

At the core of this fight is a simple question: Should stablecoins that offer yield be regulated like banks? JPMorgan Chase CEO Jamie Dimon thinks so—he's argued that offering yield on customer balances makes crypto entities functionally like deposit-taking institutions and should be regulated accordingly. The crypto industry, led by Coinbase, obviously disagrees.

While all this drama unfolded, the markets were relatively quiet. Shares of JPMorgan rose 0.11% in after-hours trading after closing 0.29% lower at $299.39 during Wednesday's regular session. Meanwhile, American Bitcoin shares closed up 11.65%.