Sen. Moreno’s Stablecoin Solution

The Republican senator and fierce cryptocurrency advocate sits down for an especially timely Puck Power Breakfast conversation about his bipartisan blockchain bill, which would create a new market structure to regulate digital tokens and stablecoins alike.

"The idea that banks are saying there’s going to be $6 trillion in deposit flight is totally insane. If banks are saying that stablecoins will cause deposit flights, wait until they hear about Treasuries, wait until they hear about stocks, wait until they hear about bonds. When you take money out of your checking account to pay a bill, is that deposit flight? It’s just a totally nonsensical argument," says Ohio Senator Bernie Moreno. Photo: Paul Morigi/Getty Images for Puck

Leigh Ann Caldwell

February 6, 2026

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On Thursday, just as crypto markets were crashing to their lowest levels since 2024, I sat down with Ohio Senator Bernie Moreno—a former crypto entrepreneur himself—to discuss the future of the industry. Congress, of course, has been struggling for years to get its head around digital currencies, let alone figure out how to regulate them. In the meantime, crypto has matured into a multitrillion-dollar industry that’s been increasingly integrated into traditional banking and financial vehicles, even as some corners of the industry continue to exist in a sort of grey market.