[Senate Banking Committee Chair Tim Scott Meets with Bank CEOs to Push Substantial Progress on Comprehensive Crypto Legislation] U.S. Senate Banking Committee Chair Tim Scott met on Thursday with Bank of America’s Brian Moynihan, Citigroup’s Jane Fraser, and Wells Fargo’s Charlie Scharf to discuss cryptocurrency legislation, stating that substantial progress has been made in advancing the bill. The legislation aims to establish rules for the digital asset industry and grant regulatory authority to the SEC and CFTC. Topics discussed during the meeting included revenues, DeFi, and anti-money laundering. The banking association pointed out loopholes in the GENIUS Act passed this summer, arguing that its insufficient restrictions on stablecoin issuers paying interest could create market-distorting incentives and that such restrictions could be easily circumvented by exchanges and brokers.