US senators make 'substantial progress' on comprehensive crypto markets bill after talks with bank executives

PANews reported on December 12 that according to The Block, U.S. Senate Banking Committee Chairman Tim Scott said that after meeting with top bank CEOs on Thursday, "substantial progress" is being made in pushing a large-scale cryptocurrency bill to become law. Scott met Thursday with Bank of America's Brian Moynihan, Citigroup's Jane Fraser and Wells Fargo's Charlie Scharf to discuss the landmark legislation. The bill aims to establish rules for the entire digital asset industry and give corresponding powers to regulatory agencies such as the SEC and CFTC. This week, the three bank CEOs are expected to meet with senators to discuss proposed cryptocurrency legislation. It is reported that the meetings were held in two separate meetings, one with Democrats and the other with Republicans, and both meetings had a "cordial atmosphere." People familiar with the matter revealed that the meeting discussed issues such as income, decentralized finance and anti-money laundering.

The banking association believes the GENIUS bill, which passed into law this summer, has loopholes that need to be filled. The problem, they say, is that the law does not go far enough in restricting stablecoin issuers from paying interest to holders, which could make these assets a more attractive store of value and credit mechanism rather than just a means of payment, creating "market-distorting incentives" for the banking industry. In addition, banking industry groups also believe that the restrictions imposed by the GENIUS Act can be easily circumvented by exchanges, brokers and other related parties.

Disclaimer: The views in this article only represent the author's personal views and do not constitute investment advice from this platform. This platform does not make any guarantees about the accuracy, completeness, originality and timeliness of the information in the article, nor is it responsible for any losses caused by the use or reliance of the information in the article.