PANews reported on May 11 that U.S. Senator Bernie Moreno stated, "Banking cartels are in a state of panic over the crypto Clarity Act." Moreno criticized traditional banks for using depositors' funds for lending at extremely low interest rates and reaping huge profits and executive bonuses. Now, stablecoins may break their monopoly and give users more financial freedom. Therefore, the banking industry is once again pressuring Congress and opposing related crypto legislation on the grounds that "economic growth and financial stability are threatened."