Senator Bernie Moreno has accused the American Bankers Association (ABA) of lobbying against the CLARITY Act, a bipartisan stablecoin bill. Moreno claims the ABA urged bank CEOs to oppose the bill, which is set for a Senate Banking Committee vote on May 14. The CLARITY Act aims to establish a regulatory framework for stablecoins, allowing them to offer competitive yields, which Moreno argues threatens the banking industry's monopoly on consumer deposits. The ABA has expressed concerns that the bill's provisions could pose systemic risks, potentially redirecting up to $6 trillion from traditional banks to crypto platforms. Moreno contends that a clear regulatory framework would mitigate these risks. The outcome of the May 14 vote could significantly impact the stablecoin market, with a favorable result potentially boosting institutional interest in stablecoin infrastructure.