U.S. senators have made significant progress on a comprehensive cryptocurrency market bill following discussions with top bank executives. Senator Tim Scott, Chairman of the Senate Banking Committee, announced the advancement after meeting with CEOs Brian Moynihan of Bank of America, Jane Fraser of Citigroup, and Charlie Scharf of Wells Fargo. The proposed legislation aims to establish regulatory frameworks for the digital asset industry, empowering agencies like the SEC and CFTC. The meetings, held separately with Democratic and Republican senators, focused on issues such as yield, decentralized finance, and anti-money laundering. The banking association highlighted concerns over the GENIUS Act, which they believe has loopholes regarding stablecoin issuers paying interest, potentially creating market-distorting incentives. The discussions are part of ongoing efforts to refine the regulatory landscape for cryptocurrencies.