- A private meeting took place Thursday between Wall Street and crypto groups to resolve disputes over the Senate’s crypto market structure bill.
- The talks produced signs of progress on the contentious issue of decentralized finance (DeFi).
- SIFMA and the banking lobby have pressed to retroactively ban yield-generating, dollar-pegged stablecoins.
- A Senate Banking Committee markup led by Tim Scott is scheduled for next Thursday, creating a tight deadline for agreement.
- More than 50 members of The Digital Chamber met with senators and White House officials to push for DeFi developer protections and stablecoin yield language.
A private Thursday meeting brought together Wall Street and crypto stakeholders, including representatives from SIFMA, Andreessen Horowitz, and the DeFi Education Fund, to try to resolve disputes over the Senate’s crypto market structure bill ahead of a committee markup next Thursday. Participants met in Washington to narrow disagreements on decentralized finance and stablecoin rules so the bill can move through the Senate Banking Committee. (See a related image of the U.S. Capitol here and an embedded poll included in the source material.)
Sources described the talks as offering signs of “progress” on DeFi and called the session “constructive” and “productive”. SIFMA has objected to carve-outs for certain DeFi services and developers and pushed, alongside the banking lobby, to retroactively outlaw yield-generating, dollar-pegged stablecoins that had been tacitly permitted by the GENIUS Act, signed last summer by President Donald Trump.
A SIFMA representative denied the group had yet “taken a position on yield-bearing stablecoins”, but did not address its DeFi concerns with the market structure bill. At the same time, crypto policy leaders urged SIFMA to moderate its requests, some of which were partially adopted by pro-crypto Senate Democrats this week.
With six days until the scheduled markup, stakeholders warned time is short. Over 50 members of The Digital Chamber met with senators and White House officials to press for stablecoin yield language and protections for DeFi software developers, who face legal exposure under current money transmitter laws. One industry insider said, “I just can’t believe we finally have Democrats and Republicans proactively working on something and we are going to potentially jeopardize it for an arbitrary timeline.”
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
