US senators say significant progress has been made in cryptocurrency legislation after meeting with bank executives

According to informed sources, bipartisan senators in the US Senate met with several Wall Street bank executives this week to discuss the crypto asset market structure bill. Senate Banking Committee Chairman Tim Scott stated that Congress is making "significant progress" towards passing this far-reaching cryptocurrency market regulation bill, aiming to solidify the US's position as the "global cryptocurrency capital".

On the same day, Scott discussed the bill's content with Bank of America CEO Brian Moynihan, Citigroup CEO Jane Fraser, and Wells Fargo CEO Charlie Scharf, including how to delineate the regulatory authority of the SEC and CFTC. Informed sources indicate that the meetings had a "friendly atmosphere" and covered topics such as yield products, DeFi regulation, and anti-money laundering.