Key Takeaways

Who attended the meetings?

Executives from major crypto firms such as Coinbase, Ripple, Galaxy, Circle, and Solana Policy Institute joined lawmakers for the discussions.

What’s in the Senate’s version of the bill?

The draft seeks to define jurisdiction between the SEC and CFTC, introduce the term “ancillary assets,” and bring clarity to which digital assets are not securities.

In a significant move toward shaping U.S. digital asset regulation, Senate Democrats and Republicans wrapped up separate roundtable discussions this week centered on the long-debated Crypto Market Structure Bill.

Executives from Coinbase, Ripple, Galaxy, and Circle joined the talks to push for clear rules around digital assets.

Inside the closed-door talks

For context, the meeting followed the recent leak of a six-page draft proposal from Senate Democrats, which stirred backlash across the crypto community for its strict stance on decentralized finance (DeFi).

The proposal, which sought to empower the Treasury Department and other financial regulators to define when an entity “exercises control or sufficient influence,” was criticized by industry participants as a potential DeFi ban.

According to Eleanor Terrett, the discussion opened with brief introductions from industry leaders who largely shared broad expectations for the bill.

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Author: Ishika Kumari