Wall Street, Crypto Leaders Make ‘Progress’ on Senate Crypto Bill
Wall Street and crypto groups met privately Thursday to try resolving key disputes over the Senate’s crypto market structure bill ahead of next week’s critical vote. Sources say discussions on DeFi showed “productive” signs, though time is short.
◾ Who met
▪ Representatives from SIFMA, the major Wall Street trade group
▪ Crypto policy leaders including Andreessen Horowitz and the DeFi Education Fund
◾ Key discussion points
▪ DeFi carve-outs and regulatory protections for developers
▪ Yield-generating, dollar-pegged stablecoins and retroactive restrictions
▪ Maintaining bipartisan support ahead of next Thursday’s markup
◾ Challenges
▪ Only six days remain before the Senate Banking Committee markup
▪ Some stakeholders worry the accelerated timeline could disrupt months of negotiations
▪ Industry insiders emphasize the need to safeguard DeFi innovation while balancing regulatory concerns
◾ Crypto industry efforts
▪ The Digital Chamber met with senators and White House officials to influence the bill’s pre-markup draft
▪ Focused on stablecoin yield protections and legal clarity for DeFi developers
▪ Goal: ensure the legislation supports innovation without imposing arbitrary restrictions
◾ Outlook
▪ Talks show signs of progress but a deal must be finalized quickly
▪ The bill’s final language could reshape U.S. crypto regulation and DeFi activity