Chairman of the U.S. Senate Banking Committee Tim Scott stated that substantial progress has been made on the crypto market structure bill after meetings with CEOs of U.S. Bank, Citigroup, and Wells Fargo. Sources familiar with the matter said that bank executives met with bipartisan lawmakers this week to discuss topics including yield-bearing crypto assets, DeFi, and anti-money laundering. Yield-bearing crypto assets, especially stablecoins, are seen as a major obstacle to advancing a larger-scale crypto market structure bill. The banking industry association believes that the stablecoin bill GENIUS, passed this year, has gaps that need to be addressed. The Senate and House are working to coordinate efforts on the Digital Asset Market Clarity Act, which has already been passed by both chambers, but whether further progress can be made before the end of the year remains uncertain. (The Block)