Senator Tim Scott, chairman of the Senate Banking Committee, said that “substantial progress” is being made in pushing a major cryptocurrency bill into law after meeting with top bank CEOs on Thursday. Scott met with Brian Moynihan of Bank of America, Jane Fraser of Citigroup, and Charlie Scharf of Wells Fargo on Thursday to discuss the landmark legislation. The bill aims to establish rules for the entire digital asset industry and grant regulatory agencies such as the SEC and CFTC corresponding powers. These three bank CEOs are expected to meet with senators this week to discuss cryptocurrency legislation proposals. The meetings were reportedly held separately, one with Democrats and one with Republicans, and both were described as “friendly.” Sources familiar with the matter said the meetings discussed issues such as yield, decentralized finance, and anti-money laundering. (The Block)