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Senate Banking Committee Chair Sen. Tim Scott (R-S.C.) said that efforts to pass the cryptocurrency market structure legislation are making “real progress,” according to a report published Thursday.
The senior lawmaker met with the CEOs of Bank of America, Citi, and Wells Fargo to discuss the key legislation that aims to create a federal framework for regulating digital assets, reported The Block.
Scott said that “real progress” is being made to pass the bill to establish the U.S. as the world’s “cryptocurrency capital.” He added that lawmakers on the Senate Banking Committee have received “valuable” feedback from the banking and cryptocurrency industries in recent months.
The banking CEOs participated in two separate meetings, one with Democrats and another with Republicans, Block said, citing people familiar with the matter. The discussion covered key sticking points, such as stablecoin yields and anti-money laundering concerns.
Scott is eager to conduct a markup before lawmakers break for the holidays at the end of next week, but Democrats are resisting.
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The “real progress” comes amid intense negotiations and disagreements between lawmakers from both parties.
Earlier this week, Democrats working on the cryptocurrency market structure bill expressed their intent to tighten restrictions on stablecoin yield payments and address issues related to elected officials' cryptocurrency ventures. They presented their counteroffer to GOP negotiators in response to the Republican proposal for a compromise market structure bill.
Sen. Cynthia Lummis (R-Wyo.), who sits on the committee, revealed that White House has pushed back after reviewing proposed ethics rules connected to digital asset profits tied to President Donald Trump's family.
Ethics rules have taken on added political sensitivity after reports that President Donald Trump and his family generated significant income from ventures linked to the World Liberty Financial (CRYPTO: WLFI) DeFi and stablecoin platform.
Senate Banking Committee member Sen. Bernie Moreno (R-Ohio) said that the talks have stretched “far too long” and have been "decently frustrating."
Price Action: At the time of writing, DOGE was exchanging hands at $0.2067, up 6.02% in the last 24 hours, according to data from Benzinga Pro.
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