Key Takeaways
Senator Moreno criticized banks for intensifying opposition before a Senate stablecoin legislation session.Stablecoin supporters say the bill could expand competition and improve customer yields.Lawmakers are set to consider whether the CLARITY Act advances through committee action.
US Senator Blasts Bank Pushback on Stablecoin Bill
Senator Bernie Moreno (R-Ohio), a member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, said May 11 on X that bank opposition to stablecoin legislation had intensified before a May 14 committee session. “The banking cartel is in full panic mode,” he wrote while criticizing the American Bankers Association (ABA) for seeking “immediate engagement” from bank CEOs.
Moreno described an ABA alert that pushed bank leaders to lobby senators against stablecoin legislation. The Ohio Republican rejected the group’s warning that lawmakers might not understand risks tied to a “ stablecoin loophole.” He called that framing intellectually dishonest and demeaning, arguing there was no loophole after debate around the GENIUS Act. The senator wrote:
“For decades, these banks have treated your deposits like their personal piggy bank, paying you next to nothing while lending YOUR money out for massive profits and executive bonuses.”
His post credited Senator Bill Hagerty (R-Tenn.) for working tirelessly on the issue during debate surrounding the GENIUS Act and framed the ABA language as an insult to lawmakers involved in the process. Moreno also argued that stablecoins could allow everyday Americans to earn “real yields on their own money,” challenging a banking model built around low deposit returns.
CLARITY Act Markup Adds Pressure to Crypto Debate
The clash comes as Senate Banking scheduled a May 14 executive session on H.R.3633, the Digital Asset Market Clarity Act of 2025. The session is expected to cover amendments and whether the bill advances. Meanwhile, Harrisx polling found 52% support for the CLARITY Act after voters reviewed a summary and 70% agreement that the U.S. should already have clear crypto legislation.
Moreno also tied the stablecoin fight to debanking claims from the Biden era. He wrote that banks worked with Senator Elizabeth Warren (D-Mass.) and allies to shut down accounts of conservatives, patriots, and President Donald Trump’s family, while regulators applied pressure under Operation Choke Point 2.0. He framed it as political control, not risk management. The Ohio Republican added:
“Hands off the people’s money. Let Americans choose real competition and better returns … I’m voting to break the cartel.”
Thursday’s vote now sits at the center of a larger crypto policy fight. Moreno cast bank warnings about economic growth and financial stability as an effort to protect the existing system. His closing message favored innovation, financial freedom, and competition over shielding Wall Street from stablecoin challengers.
