Washington is preparing for a pivotal moment in the digital-asset debate as the CEOs of Wells Fargo, Bank of America, and Citigroup head to the Senate on December 11, 2025, for high-level discussions that could shape the future of U.S. crypto regulation.
The session, organized by the Financial Services Forum, signals that traditional finance wants a front-row seat in what could become the most consequential policy rewrite since the early internet era.
The banks aren’t just attending; they’re positioning themselves as partners in building a regulatory framework that keeps the U.S. competitive while avoiding what they view as dangerous loopholes.
What Banks Plan to Push Behind Closed Doors
Senators are expected to hear firm positions on several core issues that could define crypto’s role in the banking system:
- •Competing in the Crypto Sector
Bank leaders want clear permission to operate in digital assets without being outpaced by non-bank platforms that face lighter oversight. Their message: if crypto is becoming embedded in the financial system, banks need regulatory room to participate. - •Blocking Interest-Bearing Stablecoins
One of the most contentious debates centers on whether stablecoins should pay interest. The banks are widely expected to oppose the idea, arguing it would blur the lines between deposits and digital cash while creating systemic risks. - •Strengthening Illicit Finance Rules
A major talking point will be the use of cryptocurrencies in money laundering and sanctions evasion. Bank executives plan to push for tighter AML standards and clearer reporting obligations across the digital asset ecosystem. - •Dividing Oversight Between the SEC and CFTC
The industry has long sought clarity on which regulator governs what. Senators and bank leaders will examine how to delineate authority between the SEC, traditionally focused on securities, and the CFTC, which is increasingly central to the crypto commodities market.
Congress Is Racing to Build a Unified Rulebook
The meeting comes at a critical moment for lawmakers. The House passed the CLARITY Act in July 2025, which attempts to formally distinguish securities from “digital commodities.” But the Senate is still refining its own flagship bill, the Responsible Financial Innovation Act (RFIA).
Several unresolved issues are raising the stakes:
- •Whether to impose strict limits, or none at all, on the creation of a U.S. Central Bank Digital Currency (CBDC)
- •How to supervise stablecoin issuers
- •What consumer protections should apply to both banks and crypto-native platforms
- •How to ensure the U.S. doesn’t fall behind global competitors with more mature digital-asset regulatory frameworks
The omission of a CBDC prohibition in the most recent Senate draft has intensified attention on this week’s talks, especially among lawmakers wary of government-issued digital money.
Why This Meeting Matters
For the first time, Wall Street’s largest institutions are directly contributing to how the next generation of financial infrastructure will be governed. Their input reflects a broader shift: crypto is no longer a fringe experiment; it is an industry that banks, policymakers, and global investors must now navigate with shared rules.
If Congress succeeds in passing unified legislation, it will deliver the regulatory certainty that traditional financial firms and crypto companies alike have been demanding for years. And for banks eager to safely expand into digital assets, Thursday’s meeting could mark the beginning of a new competitive era.