Bernie Moreno claims American Bankers Association is lobbying against crypto stablecoin bill

Senator Bernie Moreno has publicly accused the American Bankers Association (ABA) of mobilizing against the CLARITY Act, a bipartisan bill intended to establish a regulatory framework for stablecoins. Moreno contends that the ABA’s opposition is driven by a desire to protect its monopoly on consumer deposits rather than concerns regarding economic stability. The legislation is notable for allowing stablecoins to offer competitive yields, which could potentially redirect up to $6 trillion from traditional banks toward crypto platforms. The outcome of the upcoming Senate Banking Committee vote will be a significant indicator of whether the banking lobby can successfully stall the integration of stablecoins into mainstream finance.

(Source：Crypto Briefing)