CEOs of some of the largest banks in the US are about to meet with lawmakers on Capitol Hill as a key Senate Committee prepares to vote on major Bitcoin and crypto legislation.
The Senate Banking and Agriculture Committees are preparing to vote on a digital asset market structure bill this month.
And ahead of the vote, the CEOs of Bank of America, Wells Fargo and Citi will meet with Senators of both parties to weigh in on the legislation, reports Punchbowl.
The bill aims to establish a clear regulatory framework for digital commodities by defining their classification.
The legislation currently assigns oversight primarily to the Commodity Futures Trading Commission for spot markets while maintaining Securities and Exchange Commission jurisdiction over securities, and providing exemptions, registration pathways and protections to foster innovation and consumer safety.
Banks have historically opposed crypto assets, citing potential risks to financial stability, regulatory compliance challenges and concerns over volatility and illicit activities.
However, the resistance is softening amid a wave of regulatory changes, including the withdrawal of restrictive US guidance and adjustments to bank crypto exposure rules, which offer clearer pathways and reduced barriers for institutional involvement in the sector.
Multiple US banks are now diving into stablecoins to various extents, including Bank of America, Wells Fargo, Citigroup, JPMorgan Chase and Goldman Sachs.
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