U.S. senators to discuss virtual asset market structure bill today…bank CEOs also attending to consult on regulation

JH Kim

Summary

U.S. senators are set to continue discussions on the virtual asset market structure bill.
It was reported that the meeting will focus on the virtual asset regulatory framework and the division of institutional roles.
It was reported that the market structure bill includes distinguishing the regulatory roles of the SEC and CFTC and exempting registration obligations under the Securities Act when certain requirements are met.

On the 11th (local time), U.S. senators are set to hold a bipartisan meeting and continue discussions on the virtual asset (cryptocurrency) market structure bill (CLARITY).

Eleanor Terrett, host of Crypto in America, said on X (formerly Twitter) that the meeting will focus on the overall virtual asset regulatory framework and the division of responsibilities among agencies.

In the afternoon, executives from major virtual asset and fintech companies are scheduled to attend a separate market structure bill meeting at the White House, and CEOs of large banks such as Bank of America, Citi, and Wells Fargo will also meet with senators to discuss current issues, including limits on interest payments by affiliates of stablecoin issuers.

The market structure bill aims to establish a broad regulatory framework for the virtual asset industry, distinguish the regulatory roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and would exempt virtual assets that meet certain requirements from registration obligations under the Securities Act of 1933.