U.S. Senate Advances Landmark Crypto Legislation to Clarify Regulatory Oversight
The U.S. Senate is making significant strides in crafting comprehensive legislation to govern the cryptocurrency market. Senate Banking Chair Tim Scott highlighted progress on a bill aimed at clarifying regulatory oversight, particularly for stablecoins and decentralized finance (DeFi) tokens. The legislation seeks to delineate jurisdiction between the SEC and CFTC, addressing gaps in current regulations.
Key industry leaders, including CEOs from Bank of America, Citi, and Wells Fargo, met with senators to discuss the proposed framework. The bill aims to establish clear rules for digital assets, reinforcing America's position as a global leader in crypto innovation. Feedback from both banking and crypto sectors has been instrumental in shaping the draft.
