• The Intervention: CEOs of Citigroup, Bank of America, and Wells Fargo will meet with Senators on Thursday to shape the final contours of the crypto market structure bill.
• The Grievance: The Financial Services Forum is lobbying to ban interest-bearing stablecoins, viewing them as an unregulated threat to the traditional banking deposit base.
• The State of Play: Senate Democrats are actively reviewing a GOP compromise offer drafted by Banking Committee Chairman Tim Scott, marking the most serious bipartisan attempt to pass legislation this session.

The titans of Wall Street are descending on Capitol Hill to ensure the emerging digital asset framework does not undercut their business model. Negotiations over the crypto market structure bill have entered a combative new phase, with the heads of the nation’s largest banks preparing to intervene directly in the legislative p…

Read The Full Article Wall Street Titans Intervene in Senate Crypto Talks: ‘Kill the Stablecoin Yield’ On Coin Edition.

• The Intervention: CEOs of Citigroup, Bank of America, and Wells Fargo will meet with Senators on Thursday to shape the final contours of the crypto market structure bill.
• The Grievance: The Financial Services Forum is lobbying to ban interest-bearing stablecoins, viewing them as an unregulated threat to the traditional banking deposit base.
• The State of Play: Senate Democrats are actively reviewing a GOP compromise offer drafted by Banking Committee Chairman Tim Scott, marking the most serious bipartisan attempt to pass legislation this session.

The titans of Wall Street are descending on Capitol Hill to ensure the emerging digital asset framework does not undercut their business model. Negotiations over the crypto market structure bill have entered a combative new phase, with the heads of the nation’s largest banks preparing to intervene directly in the legislative p…

Read The Full Article Wall Street Titans Intervene in Senate Crypto Talks: ‘Kill the Stablecoin Yield’ On Coin Edition.