Senator Moreno Pushes April Deadline for Crypto Bill as Banking Tensions Mount

Crypto legislation needs passage fast. Senator Bernie Moreno wants Congress to move on digital asset rules by the end of April, and he’s not backing down from that timeline despite growing pushback from traditional banks.

The Ohio Republican made his case at the World Liberty Forum on February 18 at Mar-a-Lago, telling the crowd of 400 finance and tech leaders that lawmakers have maybe 90 days to get this done. Moreno didn’t mince words about the friction between banking lobbyists and crypto companies, saying the drawn-out fights have been “a significant challenge” for everyone involved. The forum, hosted by World Liberty Financial, gave him a platform to push hard for action on the Digital Asset Market Clarity Act. That bill would sort out whether digital tokens count as securities or commodities, plus set up oversight rules for trading platforms and stablecoins.

House progress looks decent so far. But Senate talks have basically stalled.

The main fight centers on stablecoin rules, specifically whether issuers can offer yield or rewards to holders. Traditional banks fear these features could pull deposits away from their institutions, potentially disrupting the current financial system. Moreno got applause when he said he won’t revisit already-settled parts of the GENIUS Act, showing he’s pretty firm on keeping certain provisions locked in place. Banking groups have been lobbying hard against some crypto-friendly measures, and their pressure campaigns have slowed down negotiations between different stakeholder groups.

Senator Ashley Moody from Florida joined Moreno on stage, bringing some humor to the tense discussions. “If they don’t get it done, we can blame Bernie,” she joked, but the comment highlighted real pressure on legislators to deliver results. The back-and-forth between Moody and Moreno showed how lawmakers are trying to balance serious policy work with political realities.

White House meeting plans remain murky. Sources say talks about advancing the legislation might get postponed because insiders question whether such a meeting would actually help move things forward. See also: Trump Crypto Bill Advances, Divides Regulatory.

The Mar-a-Lago event drew heavy hitters from Wall Street, Silicon Valley, and Washington policy circles. Donald Trump Jr. co-hosted the gathering, which added political weight to the discussions about crypto’s future role in the American economy. Alex Witkoff moderated the main panel featuring both senators, creating space for candid exchanges about legislative roadblocks facing the digital asset sector. Jessica Young, who covered the event, tweeted about the “charged atmosphere” and noted how attendees seemed aware that these talks could reshape entire industries.

Not everyone feels optimistic about Moreno’s timeline though. Several participants expressed doubts about whether April is realistic, given how complex these issues are and how dug-in various interest groups have become. Some crypto executives privately worry that rushing could lead to flawed legislation, while banking representatives continue pushing for stricter controls on stablecoin features.

The regulatory uncertainty has left investors and companies in limbo since early 2024. Market volatility has increased as traders try to guess which way Congress will move on key provisions. Crypto companies have been spending millions on lobbying efforts, trying to counter traditional finance’s influence on Capitol Hill. The stakes keep getting higher as more institutional money flows into digital assets, making clear rules even more crucial for market stability.

February’s forum revealed deep splits between old-school finance and crypto innovators. These divisions showed up repeatedly during panel discussions, where different visions for digital asset regulation clashed openly. Traditional banks want tight oversight and limited stablecoin features, while crypto firms push for lighter regulation that lets innovation flourish. The ongoing stalemate reflects how hard it is to craft rules that satisfy both camps without killing either sector’s growth prospects. More on this topic: Crypto Fear Index Crashes to Record.

Moreno’s push comes as crypto markets face mounting pressure to resolve these regulatory questions. Companies have delayed product launches and expansion plans while waiting for clearer guidance from Washington. The senator’s 90-day timeline might be ambitious, but industry leaders say they need some kind of resolution soon to make long-term business decisions. Whether Congress can actually deliver remains unclear, but the next few months will definitely test lawmakers’ ability to bridge these competing interests and produce workable legislation.

Banking industry data shows traditional institutions hold over $17 trillion in deposits nationwide, explaining their fierce resistance to stablecoin yield features. The American Bankers Association has deployed dozens of lobbyists to Capitol Hill since January, warning that crypto-based rewards could trigger massive deposit outflows. Community banks feel especially vulnerable because they rely heavily on local deposits for lending operations.

Meanwhile, stablecoin issuers like Circle and Tether have seen their combined market capitalization exceed $150 billion, creating powerful incentives to preserve yield-generating capabilities. PayPal and other payment giants have also entered the space, adding corporate muscle to pro-crypto lobbying efforts. Federal Reserve officials have privately expressed concerns about monetary policy implications if stablecoins become widespread deposit alternatives.