Key Takeaways
- Senate Democrats involved in bipartisan negotiations on a major cryptocurrency market structure bill convened privately after receiving a compromise offer from Senate Banking Committee Republicans.
- Partisan disputes, particularly over consumer protections, have delayed the bill’s progress.
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Democrats held a closed-door meeting on Monday to discuss a GOP-crafted compromise proposal for the crypto market structure bill and whether to respond with a formal counteroffer, according to Politico.
The offer, delivered late last week by Senate Banking Chair Tim Scott’s team, is the first concrete overture in weeks; however, the details of the offer are unclear.
Momentum is building for a potential markup of the bill in the Senate Banking Committee this December.
Separately, bank CEOs, including Citigroup’s Jane Fraser, Bank of America’s Brian Moynihan, and Wells Fargo’s Charlie Scharf, are preparing to meet with lawmakers on Thursday to discuss crypto market legislation.
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