Important points
- Senate Democrats engaged in bipartisan negotiations on a major cryptocurrency market structure bill convened behind closed doors after receiving a compromise from Republicans on the Senate Banking Committee.
- Partisan tensions, particularly over consumer protections, have slowed progress on the bill.
According to Politico, Democrats held a closed-door meeting on Monday to discuss a compromise drafted by Republicans on the Cryptocurrency Market Structure Act and whether to respond with a formal counterproposal.
The proposal, introduced late last week by Senate Banking Chairman Tim Scott’s team, is the first concrete proposal in weeks. However, the details of the offer are unknown.
Momentum is building for a possible price increase in the bill before the Senate Banking Committee in 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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