Catenaa, Friday, December 12, 2025- Senators reported movement on a wide digital asset bill after talks with leading bank chiefs, as the Commodity Futures Trading Commission scrapped older guidance to clear room for updated crypto oversight.
The Senate Banking Committee met executives from Bank of America, Citi, and Wells Fargo this week to review proposals that would set national standards for crypto markets and divide authority between the Securities and Exchange Commission and the CFTC.
Officials also examined concerns involving yield products, decentralized finance activity, and anti-money laundering controls.
Staff members familiar with the meetings reportedly said senators from both parties held separate sessions that were calm and covered issues that remain unsettled. Stablecoins continue to stall progress.
Banks said the summer GENIUS law contains weak limits on interest payments that could push stablecoins closer to credit products. They also said the law can be skirted by affiliates, creating conditions they want corrected in the broader market structure bill.
The House passed its own version of the legislation earlier this year, and the Senate is working on two drafts.
One comes from the Banking Committee and introduces a category called ancillary assets to help identify tokens outside securities rules.
The other from the Agriculture Committee expands CFTC powers. Both versions must be merged before a vote can proceed.
As senators negotiated those differences, the CFTC withdrew 2020 guidance on the delivery of digital assets.
Acting Chair Caroline Pham said the move aligns with federal directives and clears space for updated rules.
The agency has taken several steps over the past year to open the door to regulated spot products and new exchange approvals.
