U.S. Senate Advances Major Cryptocurrency Legislation

According to BlockBeats, U.S. Senate Banking Committee Chairman Tim Scott announced significant progress in advancing a comprehensive cryptocurrency bill into law following a meeting with top banking CEOs. On Thursday, Scott met with Brian Moynihan of Bank of America, Jane Fraser of Citigroup, and Charlie Scharf of Wells Fargo to discuss this landmark legislation. The proposed bill aims to establish regulatory guidelines for the digital asset industry and empower agencies like the SEC and CFTC. This week, the three banking CEOs are expected to meet with senators to further discuss the cryptocurrency legislative proposal. The meetings are reportedly held separately with Democrats and Republicans, both described as "cordial." Insiders revealed that discussions covered topics such as yields, decentralized finance, and anti-money laundering measures. The banking association has identified gaps in the GENIUS Act, which became law this summer. They argue that the law inadequately restricts stablecoin issuers from paying interest to holders, potentially making these assets more attractive as value storage and credit mechanisms rather than just payment tools, thus creating "market-distorting incentives" for the banking sector. Additionally, banking groups believe that the restrictions imposed by the GENIUS Act can be easily circumvented by exchanges, brokers, and other related parties.