Senator Moreno Criticizes Bank Lobby Over CLARITY Act Stablecoin Yields

Senator Bernie Moreno has accused the U.S. banking lobby of panicking over the CLARITY Act's stablecoin yield provisions. According to BeInCrypto, the American Bankers Association (ABA) is urging bank CEOs to lobby against these provisions, fearing deposit flight into payment stablecoins. ABA CEO Rob Nichols warned of risks to economic growth and stability, describing a stablecoin loophole in the committee's draft. Moreno, a member of the Senate Banking Committee, plans to vote against the banking cartel during the CLARITY Act markup on Thursday, May 14.