The discussion of the bill on the structure of the cryptocurrency market between industry leaders and American lawmakers peaked on Wednesday during a tense meeting. The trigger was the leak of the Democrats' proposal to introduce regulatory requirements for the decentralized finance sector.
Democratic senators accused industry leaders of acting as an extension of the Republican Party. According to journalist Eleanor Terrett, citing sources at the meeting, the leaked proposal from the Democrats to introduce 'Know Your Customer' rules and combat money laundering in the DeFi space has caused public outcry.
It is reported that lawmakers warned industry representatives that ongoing public discontent with the bill or specific provisions would slow down the regulatory process.
Source: Eleanor Terrett.
Bo Hines, former director of the U.S. Presidential Working Group on Digital Assets, criticized the Democrats' response. He stated that the Democratic senator is frustrated that the crypto community was able to consider the policy proposals he wants to turn into law. According to him, this resembles satire.
The tense meeting comes against the backdrop of the fourth week of the U.S. government shutdown. This is slowing down the process of passing the cryptocurrency market structure bill and ensuring clarity in industry regulation.
The cryptocurrency market structure bill is moving forward despite the government shutdown.
Wisconsin Congressman Bryan Steil stated that the cryptocurrency market structure bill, known as the CLARITY Act, is still on track for signing by 2026, despite the ongoing government shutdown.
'I hope that when we recover from the government shutdown, we will have the opportunity to quickly get to work and make swift progress in the Senate,' Steil said in an interview with CNBC on October 8.
White House economic adviser Kevin Hassett also told CNBC on Monday that the government shutdown is likely to end this week if Republicans manage to secure the necessary votes.
'Moderate Democrats will move forward and ensure we have open government, and then we can discuss any policy decisions they want in the usual manner,' said Hassett.
