Republican senators and lawmakers ended separate roundtable discussions this week as discussions around the crypto market structure bill gained momentum. According to sources cited by Fox Business reporter Eleanor Terrett, both sides met with industry leaders, including executives from Coinbase and Ripple, to advance the draft text and priorities.
Lawmakers and Crypto Industry Executives Meet
The session hosted by Senate Democrats opened with more than 30 minutes of presentations from industry representatives. Each person presented the elements they wanted to see included in the invoice.
Senators warned leaders not to become visible political allies of Republicans, saying recent leaks around a DeFi proposal had shaken trust. One MP reportedly said that “there was no such thing as slow walking,” a phrase intended to reassure participants that the process would move forward.
🚨NEW: A look at what happened at the just-concluded roundtable between Senate Democrats and crypto industry executives, according to sources in the room:
The meeting opened with 30 minutes of presentations from industry leaders, which one attendee described as offering “the…
– Eleanor Terrett (@EleanorTerrett) October 22, 2025
Republicans insist on clear rules for DeFi
The Republican-led roundtable was described as frosty, but it pushed for firm rules. Participants agreed that the bill should strengthen anti-money laundering (AML) controls and crack down on other forms of illegal financing.
They also called for a clear definition of decentralized finance, which lawmakers say is necessary for the proposed rules to fully cover the sector. The discussion resulted in two concrete recommendations: oversight should focus on intermediaries rather than blockchain protocols, and lawmakers should sit down with the industry to review the bill line by line in an extended joint session.
DeFi definitions and debates over surveillance continue
According to reports, the debate over how to define DeFi remains one of the main sticking points. Industry executives have advocated for limits that protect innovation, while some senators have argued for language that would make the rules easier to enforce.
Previous efforts, including a David Sacks-led meeting with Senate Republicans, were mentioned as part of efforts to speed things up. Both sides have indicated they are ready to continue negotiations until an agreement is reached.
🚨SCOOP: the czar of crypto and AI @davidsacks47 is expected to meet with Republican members of the Senate Banking Committee tomorrow morning to emphasize the importance of advancing market structure outside of the committee this year and address the concerns of members such as @SenJohnKennedy WHO…
– Eleanor Terrett (@EleanorTerrett) October 21, 2025
Time pressures and market context
There is growing pressure on Congress to finalize the market structure bill by the end of the year. Lawmakers appeared optimistic but also cautious: Progress depends on resolving disagreements over DeFi and avoiding public fights that could slow the process.
Reports note that external events, such as the next Federal Reserve meeting, could change how markets react to any new rules, although the timing of legislation passage itself depends on negotiations and not macroeconomic announcements.
Reports also indicate that more input is expected in the coming days as staff and lawmakers refine the text. Participants recommended joint sessions in which negotiators and industry would carefully work through the text, line by line. This approach aims to reduce last-minute surprises and give both parties a chance to iron out the details.
Featured image from Unsplash, chart from TradingView
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