The CEOs of Citigroup (C), Wells Fargo (WFC) and Bank of America (BAC) are scheduled to meet with both Republican and Democratic senators this week to discuss legislation focused on crypto market structure.
The bank chiefs and U.S. senators are expected to gather Thursday, the Financial Services Forum, the bank trade group that is organizing the meeting, confirmed in an emailed statement to Seeking Alpha.
“The meeting is another opportunity to share [the banks’] perspectives and serve as constructive partners in crafting smart policy to ensure the U.S. remains a digital assets leader,” a spokesperson for FSF said.
Among the specific topics they plan to cover include bank permissibility, as well as payment of interest and illicit finance, the spokesperson noted, adding that “meetings between our CEOs and lawmakers happen often.”
Under the pro-crypto Trump administration, the U.S. advanced its first real crypto market-structure framework this year by passing a federal stablecoin law — the Genius Act — and moving the House-approved Digital Asset Market Clarity Act to clarify when crypto falls under the oversight of the Securities and Exchange Commission or the Commodity Futures Trading Commission.
Traditional finance heavyweights are growing more interested in the digital assets space because of these clearer rules, with new revenue opportunities in custody, trading, tokenization and payments.
Punchbowl first reported the news.
Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion.