Banks see potential allies in Democratic Congress on crypto, AI

Key facts

• Banks see potential opportunities with a Democratic-controlled Congress.
• Industry priorities include restricting crypto companies from paying interest and clearer AI rules.
• Democrats like Maxine Waters and Elizabeth Warren could be potential allies on these issues.
• Lobbyists anticipate collaboration on crypto rewards and AI regulation.

For major US banks, which have historically aligned with Republican lawmakers, a Democratic majority in the House or Senate could present unexpected avenues for advancing their agendas. The financial industry is keen on seeing Congress restrict cryptocurrency companies from offering interest payments and establish clearer regulations for artificial intelligence. Lobbyists and bank insiders suggest that Democratic representatives such as Maxine Waters, who may chair the House Financial Services Committee, and Senator Elizabeth Warren, who could lead the Senate Banking Committee, might emerge as potential allies on these specific issues.