Industry representatives met with Wall Street lobbyists Thursday to resolve disputes over pending Senate legislation, as lawmakers prepare for a Jan. 15 committee vote that could determine whether comprehensive crypto regulation advances this year.
What happened: private meeting
Representatives of IFMSa major financial industry trade group, met with crypto policy leaders, including delegates from Andreessen Horowitz and the DeFi Education Fund to resolve disagreements over the proposed market structure law.
Decrypted sources described the discussions as productive, with signs of movement on decentralized financial regulation that sparked opposition from Wall Street.
SIFMA has opposed regulatory exemptions for certain DeFi services and their developers, according to sources familiar with the negotiations.
The group also pushed to retroactively ban yield-generating, dollar-pegged stablecoins that were permitted under the GENIUS Act signed by President Donald Trump last summer, although a SIFMA representative said Decrypt the organization has not taken a position on yield-bearing stablecoins.
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Why it’s important: a tight schedule
Senate Banking Committee chair Tim Scott (R-SC) scheduled the increase for Jan. 15 despite concerns from industry participants that the accelerated timetable could derail bipartisan negotiations.
More than 50 members of The Digital Room met with senators and White House On Thursday, officials argued for language protecting DeFi software developers, who have faced criminal prosecution under existing money transmitter laws.
Stakeholders agree the bill requires bipartisan support at next week’s committee meeting to have a chance of passing the full Senate.
One crypto industry insider expressed frustration with the compressed timeline, questioning whether an arbitrary deadline should threaten the first substantive bipartisan crypto legislation.
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