The Senate Banking Committee will vote May 14 on stablecoin legislation opposed by major banking groups and backed by crypto-friendly lawmakers.
The Senate Banking Committee is set to vote on the Digital Asset Market Clarity Act this Thursday, May 14, amid escalating tensions between banking lobbyists and crypto advocates. The American Bankers Association (ABA) has urged bank executives to mobilize against the bill, warning it could divert funds from traditional accounts.
The ABA, led by CEO Rob Nichols, called the legislation an “urgent advocacy fight” in a letter to bank leaders. Meanwhile, Senator Bernie Moreno, a committee member, criticized the ABA as a “banking cartel,” highlighting the divide over stablecoin regulation.
The vote follows months of debate on digital asset legislation, with the ABA supporting “responsible guardrails” but opposing provisions it claims could destabilize conventional banking. Market participants are closely watching the outcome for its potential impact on stablecoin adoption and banking sector dynamics.