Chaos in the Crypto Club: Clarity Act Angers the Bankers

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A United States senator pranced onto the committee stage, pointing a flashy finger at the banking goblins resisting stablecoin legislation, and declaring that the American Bankers Association craved “immediate engagement” from mighty bank CEOs. He framed the squabble as a tiresome tug‑of‑war over who gets the coins, the yields, and the control.

Key Takeaways:

  • Senator Moreno railed at banks for pressing harder against the Senate stablecoin session.
  • Stablecoin supporters claim the bill could fan competition and better yields for customers.
  • Lawmakers will decide if the CLARITY Act will march forward through committee action.

US Senator Blasts Bank Pushback on the Stablecoin Bill

Senator Bernie Moreno (R-Ohio), a nimble member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, chirped from X on May 11 that the banks’ opposition to the stablecoin bill had puffed up like a dragon’s belly before the May 14 committee session. “The banking cartel is in full panic mode,” he quipped, poking fun at 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 Spark to the Crypto Debate

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Moreno 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 sits smack dab in the middle of a bigger crypto policy fight. Moreno dressed the bankers’ warnings about economic growth and stability as a crafty attempt to protect the old, comfy system. His closing message favored innovation, financial freedom, and competition over shielding Wall Street from stablecoin challengers.

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2026-05-11 19:57