Top US bank CEOs to testify before Senate on crypto regulation
On December 11, the CEOs of Bank of America, Citigroup, and Wells Fargo will testify before the US Senate to discuss the CLARITY bill aimed at regulating the cryptocurrency market. This hearing is significant due to the increasing influence of crypto assets in the financial system and banks’ efforts to shape fair regulatory frameworks.
Source Bloomberg
The bankers are pushing to prohibit interest payments on stablecoins, seek a level playing field between banks and crypto firms, and strengthen measures against illicit crypto use. Meanwhile, senators hold closed-door talks on whether oversight of crypto assets should be assigned to the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
This hearing could be pivotal for the future of crypto legislation, with the discussions influencing the balance between fostering innovation and enforcing regulatory control.
