Senate Banking Committee Chairman: Crypto Markets Bill Makes "Substantial Progress" After Meetings with Bank Executives

According to Odaily Planet Daily, U.S. Senate Banking Committee Chairman Tim Scott stated that "substantial progress" is being made in pushing a large-scale cryptocurrency bill into law following a meeting with top bank CEOs on Thursday.

Scott met with Brian Moynihan of Bank of America, Jane Fraser of Citigroup, and Charlie Scharf of Wells Fargo on Thursday to discuss landmark legislation. The bill aims to establish rules for the entire digital asset industry and grant regulatory bodies such as the SEC and CFTC corresponding powers. This week, the three bank CEOs are expected to meet with senators to discuss cryptocurrency legislation proposals. The meetings were reportedly held separately, one with Democrats and the other with Republicans, and both were described as "friendly." Sources familiar with the matter indicated that the meetings discussed issues such as yield, decentralized finance, and anti-money laundering. (The Block)