Wall Street tycoons meet with the Senate: Is the cryptocurrency bill coming? However, the banking industry says there are loopholes

Question

【BlockBeats】Recently, there have been some movements on Wall Street and in Washington. Senate Banking Committee Chair Tim Scott met with several major bank executives—Bank of America’s Brian Moynihan, Citigroup’s Jane Fraser, and Wells Fargo’s Charlie Scharf. What did they discuss? The unresolved cryptocurrency bill, which now seems to have a chance. Scott himself said that the matter is heading towards “substantive progress.”

What is this bill about? Essentially, it’s about setting regulations for the entire digital asset industry, providing the SEC and CFTC with clear legal authority. The meetings consisted of two sessions—one with Democrats and one with Republicans—and the atmosphere was reportedly quite good. But the topics discussed weren’t easy—how to calculate yields, how to regulate DeFi, how to combat money laundering—these are tough nuts to crack.

However, the banking industry isn’t entirely satisfied. They believe the GENUIS Act passed this summer has loopholes. What loopholes? Mainly, the restrictions on stablecoin issuers paying interest to holders aren’t strict enough. Banks worry that if these stablecoins become more attractive deposit tools, it’s not just about payment methods anymore, and could distort market competition. The more troublesome part is that they think these restrictions are too easy for exchanges and brokers to circumvent. It looks like this game isn’t over yet.

GateUser-9f682d4c · Accepted Answer

It's the usual Wall Street folks stirring up trouble in DC; whenever bankers sit together, nothing good happens.

AirdropFreedom · Answer

Meeting again secretly. This routine is so familiar. They first agree on the deal and then release the bill. Bankers are just like this.

BearMarketHustler · Answer

Once again with the old tricks, bankers secretly meet with the Senate, so crypto still needs their approval? Laughing out loud, our on-chain affairs don't need Wall Street's blessing.

RunWithRugs · Answer

Here they go again. This bunch on Wall Street really can't stay idle... Holding secret meetings with the Senate, it seems like they're just paving the way for themselves.

ser_we_are_ngmi · Answer

What are the bank bosses trying to do? Why are they suddenly so active? 🤔 Could it be that they want to join forces to suppress the crypto industry? After all, they are the vested interests.

0xLostKey · Answer

Is this the same old trick again? Wall Street secretly meets with the Senate, politely called "negotiation," but frankly it's just drawing circles around regulations.

UnluckyValidator · Answer

What tricks are these Wall Street big shots up to... Every time there's a secret meeting like this, it's the start of a new round of cutting leeks.

BugBountyHunter · Answer

Meeting again secretly. Is this really about taking action this time, or just another empty promise? The bankers and politicians are meeting together, and I knew retail investors are about to be squeezed again.