Lawmakers are ‘like a steamroller’: Crypto, TradFi and Senate Banking Committee members meet to discuss crypto bill
Industry advocates and traditional finance met with the Senate Banking Committee to discuss advancing comprehensive crypto legislation.Summary
Members of the Senate Banking Committee met with representatives from the crypto industry (Blockchain Association, Crypto Council for Innovation) and traditional finance (Financial Services Forum, SIFMA) to discuss a draft bill aimed at regulating the crypto sector. Kara Calvert of Coinbase described lawmakers as being like a "steamroller" pushing for a markup in January, noting significant progress. The draft bill seeks to allocate jurisdiction between the SEC and CFTC and define "ancillary assets." Key unresolved issues discussed included defining securities versus commodities, decentralized finance, and the contentious topic of stablecoin yield, where banking groups oppose crypto firms paying interest on stablecoins. Despite visible tension, participants felt no one was trying to kill the bill, indicating a desire for compromise.
(Source：The Block)