Crypto, banks need to be a ‘bit unhappy’ for bill to advance: Senator

Senator Angela Alsobrooks says she’s working on a proposal to move a key crypto bill forward, but crypto and the banks will have to compromise.

A US Senate Democrat says crypto and banking lobbies will both have to accept compromises amid a new proposal to move the crypto market structure bill forward.

Senator Angela Alsobrooks, a key Democrat on the Senate Banking Committee, said at an American Bankers Association event on Tuesday that she and Republican Senator Thom Tillis are working on a compromise proposal, but crypto and banking interests can’t let “perfect be the enemy of good.”

“All of us will probably walk away just a little bit unhappy,” she said. “What we don't want is to have an unregulated system — to have crypto not regulated at all — and not to have the guardrails to allow a situation where we will have deposit flight.”

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