A U.S. senator criticized bank opposition to stablecoin legislation before a committee session, saying the American Bankers Association sought “immediate engagement” from bank CEOs. He framed the dispute as a fight over competition, yields, and control.
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.
