Sen. Moreno: Banks Lobbying to Block Stablecoin CLARITY Act

Sen. Bernie Moreno accused the American Bankers Association of urging bank CEOs to lobby senators against H.R.3633, the CLARITY Act, ahead of a May 14 Senate Banking Committee executive session. Moreno posted on X that the ABA sought “immediate engagement” from bank leaders to oppose the legislation.

The committee scheduled its executive session for May 14 to consider H.R.3633, formally titled the Digital Asset Market Clarity Act of 2025. Members are expected to review amendments and vote on whether the bill should advance out of committee.

Moreno wrote that the ABA alert indicates banks are trying to block the bill and described the industry as “in full panic mode.” He argued stablecoins could let everyday Americans earn higher returns than current deposit rates and posted: “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 credited Sen. Bill Hagerty for earlier work on related proposals and said he would vote to “break the cartel.”

Banking groups cited concerns about consumer protection, financial stability and potential regulatory gaps if stablecoins are treated differently from other forms of money. They have urged caution in drafting rules that would affect payments and deposit substitutes.

Backers of the CLARITY Act say the bill would create clearer rules for digital assets, broaden competition in payments and financial services, and allow consumers to earn higher yields on stablecoin-backed products. A HarrisX poll found 52% support for the CLARITY Act after respondents read a summary and 70% agreed the U.S. should already have clear crypto legislation.

Moreno linked the lobbying effort to complaints about account closures during the Biden administration, writing that banks worked with Sen. Elizabeth Warren and regulators under what he called Operation Choke Point 2.0. He framed those actions as political pressure rather than risk management.

The May 14 executive session will determine whether H.R.3633 advances from the Senate Banking Committee.