[‘Substantial Progress’ Made on Crypto Market Bill Aimed at Establishing Rules for the Entire Digital Asset Industry] BlockBeats News, December 12 – Tim Scott, Chairman of the U.S. Senate Banking Committee, stated that after meeting with top bank CEOs on Thursday, ‘substantial progress’ is being made toward advancing a comprehensive cryptocurrency bill into law. 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 bill aims to establish rules for the entire digital asset industry and grant regulatory agencies such as the SEC and CFTC the corresponding authority. This week, the three bank CEOs are expected to meet with senators to discuss the cryptocurrency legislative proposal. Reportedly, the meetings are being held separately, one with Democrats and the other with Republicans, and both meetings were described as having a ‘cordial atmosphere.’ According to informed sources, the discussions covered topics such as yields, decentralized finance, and anti-money laundering. The banking industry association believes there are gaps in the GENIUS Act, which became law this summer. They argue 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 merely a payment tool, thereby creating ‘market-distorting incentives’ for the banking industry. Additionally, banking groups also believe that the restrictions imposed by the GENIUS Act can be easily circumvented by exchanges, brokers, and other affiliated parties.