U.S. Senate Banking Committee Chairman Tim Scott just held a closed-door meeting with the bigwigs of Bank of America, Citi, and Wells Fargo, stating that the cryptocurrency market bill has made "substantial progress"!
What does this mean? The SEC regulates securities, the CFTC regulates commodities, and now there is finally clear regulation for stablecoins and DeFi! Banks can easily enter the market to custody cryptocurrency assets; is institutional capital about to surge?
The two parties are still in heated discussion, with Democrats wanting to strengthen consumer protection, but Republicans pushing for markup this week! If implemented, the U.S. could soon become a global cryptocurrency hub, with a trillion-dollar market about to take off?
However, Elizabeth Warren and others are still calling for "weakened protections"; what do you think? Good for BTC/ETH? Or a potential pitfall?
