US Senators make ‘real progress’ on sweeping crypto market bill following talks with bank execs
US Senators are making progress on a comprehensive crypto bill after discussions with major bank CEOs, aiming to establish clear regulations for the digital asset industry.Summary
Senate Banking Committee Chair Tim Scott announced “real progress” in passing a significant cryptocurrency bill following meetings with CEOs from Bank of America, Citi, and Wells Fargo. The legislation aims to create a regulatory framework for the digital asset industry, clarifying the roles of the SEC and CFTC. Discussions focused on yield-generating crypto assets, stablecoins, decentralized finance, and anti-money laundering concerns. While the House has already passed its version of a market structure bill, the Senate is working on its own draft, with committees proposing different jurisdictional allocations between the SEC and CFTC. Negotiations are ongoing, but lawmakers are striving to pass a bill before the end of the year, despite some challenges and differing viewpoints.
(Source：The Block)