Senator Bernie Moreno (R-Ohio), a member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, took to X (formerly Twitter) on May 11 to denounce the banking industry's intensifying opposition to stablecoin legislation ahead of a key committee session. “The banking cartel is in full panic mode,” he wrote, after the American Bankers Association (ABA) circulated an alert urging bank CEOs to engage directly with senators.
‘Banks Have Treated Your Deposits Like Their Piggy Bank’
Moreno’s criticism centered on an ABA warning that lawmakers might not understand the risks of a so-called “stablecoin loophole.” He dismissed the claim as “intellectually dishonest and demeaning,” arguing that the debates around the GENIUS Act had already addressed any such loophole. The Ohio Republican then delivered a sharp critique of the traditional banking model: “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.”
He argued that stablecoins could empower everyday Americans to earn “real yields on their own money,” directly challenging a system built on low deposit interest rates. Moreno praised Senator Bill Hagerty (R-Tenn.) for his tireless work on the issue during the GENIUS Act process and framed the ABA’s language as an insult to the lawmakers involved.
CLARITY Act Markup Adds Urgency to Crypto Debate
The confrontation comes as the Senate Banking Committee has scheduled a May 14 executive session on H.R.3633, the Digital Asset Market Clarity Act of 2025 (CLARITY Act). That session is expected to consider amendments and a potential vote on advancing the bill. Meanwhile, a Harrisx poll found 52% support for the CLARITY Act after voters read a summary, and 70% agreed the U.S. should already have clear crypto legislation.
Moreno also tied the stablecoin fight to the broader “debanking” controversy from the Biden era. He claimed banks collaborated with Senator Elizabeth Warren (D-Mass.) and allies to close accounts of conservatives, patriots, and members of President Donald Trump’s family, while regulators applied pressure under Operation Choke Point 2.0. He characterized this as political control, not risk management.
“Hands off the people’s money. Let Americans choose real competition and better returns … I’m voting to break the cartel,” Moreno concluded. He dismissed industry warnings about economic growth and financial stability as a shield for the status quo, and outlined a vision favoring innovation, financial freedom, and competition over protecting Wall Street from stablecoin challengers.
The May 14 markup now stands at the center of a larger policy battle. If the CLARITY Act advances, it could provide the first major federal framework for stablecoins, reshaping the relationship between traditional banks and digital asset markets.