Wall Street, Crypto Leaders Make 'Progress' on Crypto Bill in Private Meeting: Sources
Rival stakeholders, including Wall Street group SIFMA and crypto industry representatives, held a private meeting Thursday to address disputes over a crypto market structure bill ahead of a crucial Senate vote next week. Discussions centered on regulatory treatment of decentralized finance (DeFi) and yield-generating, dollar-pegged stablecoins. SIFMA has objected to DeFi carve-outs and, reportedly with banking lobbies, seeks to retroactively ban certain stablecoins. SIFMA denies an official stance on yield-bearing stablecoins but did not comment on DeFi. Crypto policy leaders urged SIFMA to soften its positions, noting some SIFMA requests have already influenced pro-crypto Senate Democrats’ proposals. The Senate Banking Committee plans to hold a key markup next Thursday, raising concerns about rushed negotiations. Bipartisan support at this markup is widely seen as essential for the bill’s eventual passage. On the same day, over 50 crypto industry members lobbied senators and the White House on stablecoins and DeFi developer protections. The impending deadline has created tension, with some in the industry frustrated by the accelerated legislative timeline.
