The cryptocurrency market bill has made "substantive progress" and aims to establish rules for the entire digital asset industry.

On December 12, Tim Scott, chairman of the U.S. Senate Banking Committee, stated that after meeting with top bank CEOs on Thursday, there has been "substantive progress" in pushing a large-scale cryptocurrency bill into law. Scott met with Brian Moynihan of Bank of America, Jane Fraser of Citigroup, and Charlie Scharf of Wells Fargo on Thursday to discuss this landmark legislation.

The bill aims to establish rules for the entire digital asset industry and grant relevant powers to regulatory agencies such as the SEC and CFTC. This week, these three bank CEOs are expected to meet with senators to discuss cryptocurrency legislative proposals. The meetings are reportedly being held separately in two sessions, one with Democrats and the other with Republicans, and both sessions have had a "harmonious atmosphere."

Insiders revealed that the meetings discussed topics such as revenue, decentralized finance, and anti-money laundering. The banking association believes there are gaps to fill in the GENIUS bill, which became law this summer. They indicated that the issue lies in the law's insufficient restrictions on stablecoin issuers paying interest to holders, which could make these assets more attractive as a store of value and credit mechanism, rather than just a means of payment, thereby creating "distorted market incentives" for the banking industry.

Additionally, banking groups believe the restrictions imposed by the GENIUS bill can be easily circumvented by exchanges, brokers, and other related parties.