Sen. Bernie Moreno (R-Ohio) claimed this week that the American Bankers Association is actively lobbying against a pending crypto stablecoin bill. The accusation, which Moreno made without providing specific evidence, pits a key crypto advocate against the country’s biggest banking trade group. It’s the latest sign that the stablecoin fight is shifting from policy details to raw political pressure.
Moreno’s accusation
Moreno said the ABA is trying to derail the stablecoin legislation through behind-the-scenes lobbying. He didn’t name which lawmakers the group has approached or what tactics it’s using. The senator has been a vocal supporter of the bill, which would create a federal framework for stablecoin issuers. He argued that traditional banks see the measure as a threat to their dominance in payments.
The ABA didn’t immediately respond to a request for comment. The group has historically been cautious on crypto, warning about risks to the banking system. But this is the first time a sitting senator has publicly accused it of actively killing a specific bill.
What the stablecoin bill would do
The legislation at the center of the fight would let nonbank firms issue stablecoins under federal oversight. It’s been a priority for crypto companies that want regulatory clarity. Banks have pushed back, arguing that stablecoins could bypass traditional banking rails and create new risks. The bill has bipartisan support but has stalled in committee amid disagreements over state versus federal authority.
Why the timing matters
Moreno’s claim comes as Congress faces a packed summer calendar. If the stablecoin bill doesn’t move soon, it could get buried under appropriations and election-year politics. The senator’s accusation may be aimed at forcing the ABA to either deny the lobbying or confirm it — either outcome could shift the debate. Some supporters of the bill worry that a public fight with banks might actually hurt its chances.
The timing isn’t great for the ABA either. The group is already fending off criticism over its handling of the collapse of several regional banks in 2024. A fresh fight with a pro-crypto senator could alienate the growing number of crypto-friendly lawmakers on both sides of the aisle.
For now, the stablecoin bill remains stuck. Moreno’s accusation adds pressure, but it also raises the temperature. The next step is likely a hearing or a markup session — if the committee can find time. No date has been set.
