00:00 Jos
Crypto regulation takes another step forward as big bank executives meet with lawmakers. Let’s move on to Yahoo Finance’s Jennifer Schonberger with the details. Jen.
00:08 Jennifer Schoenberger
Hi, Josh. The chief executives of Bank of America, Wells Fargo and City Group are currently gathering to meet with Republican and Democratic senators in the capital to discuss comprehensive crypto legislation. Bank executives are expected to discuss bank licensing, illicit payments as well as interest paid on crypto, which Yahoo Finance says is the biggest topic of interest for banks.
00:45 Jennifer Schoenberger
Today, a spokesperson for the banking lobbying firm Financial Services Forum, which helped orchestrate this meeting, told Yahoo Finance in a statement that America’s largest banks, the strongest and most regulated institutions in the world, play a critical role in digital asset innovation. The meeting is another opportunity to share perspectives and serve as a constructive partner in crafting smart policy to ensure the United States remains a leader in digital assets.
01:21 Jennifer Schoenberger
Now, JP Morgan CEO Jamie Dimon was not in attendance today due to a scheduling conflict, Yahoo Finance has learned.
01:32 Jennifer Schoenberger
The banks are trying to lobby to get what they want under this massive overarching crypto legislation, while the senators are really working to craft this bill. That turns out to be a heavier burden here in the Senate. Earlier this year, Congress passed a bill to regulate stablecoins. However, this covers a much wider part of the crypto universe. And earlier today, a group of Democrats, a group of Democratic senators, I should say, were meeting with Republicans led by Senate Banking Committee Chairman Tim Scott in his office to try to move closer to this legislation and break down some of these sticking points.
02:08 Jennifer Schoenberger
Listen to what Democratic Senator Kirsten Gillibrand told me.
02:12 Jennifer Schoenberger
Good to see you. What are your expectations from this crypto bill? Continuation of bipartisan negotiations? Do you think we could do anything by next week?
02:18 Kirsten Gillibrand
Um, I think it takes longer, but I’m going to work as hard as I can.
02:22 Jennifer Schoenberger
And you heard Gillibrand say we’ll probably need more time. And in talking with other senators from both sides of the aisle as they left this meeting this morning, both Senator Kennedy on the Republican side and Senator Shiff on the Democratic side, both were pretty quiet about whether they thought things could move forward. When I asked Senator Kennedy if we could see a markup and vote on this legislation in the Senate Banking Committee by next Thursday, he responded, “I don’t know.”
03:00 Jennifer Schoenberger
So it looks like the banks are really trying to get involved in the sausage making process here, which could carry over into the new year. Jos.
03:09 Jos
Very good, Jen, thank you.
