TechFlow, Dec 12 — According to The Block, U.S. Senate Banking Committee Chairman Tim Scott said Thursday that "substantial progress" has been made toward passing a sweeping cryptocurrency bill following meetings with top bank CEOs.
Scott met on Thursday with Brian Moynihan of Bank of America, Jane Fraser of Citigroup, and Charlie Scharf of Wells Fargo to discuss the landmark legislation, which aims to establish regulatory frameworks for the entire digital asset industry and clarify oversight authority for regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
According to sources familiar with the matter, Democratic and Republican senators held separate meetings this week with banking executives to discuss issues including yield generation, decentralized finance (DeFi), and anti-money laundering. Yield-bearing crypto assets, particularly stablecoins, have been a major hurdle in advancing the broader cryptocurrency market structure bill.
