Leading crypto executives will meet with Senate Democrats on Wednesday for a roundtable discussion on proposed legislation for the crypto market structure.
The meeting, first reported by journalist Eleanor Terrett, will be led by Senator Kirsten Gillibrand, a vocal advocate for regulating digital assets. The discussion aims to revive momentum on crypto market structure legislation, which has stalled amid partisan gridlock in Congress.
Notable Industry Figures Expected to Attend
According to Terrett, the event will feature several prominent figures from the crypto industry. Among them are Brian Armstrong of Coinbase, Sergey Nazarov of Chainlink, Mike Novogratz of Galaxy Digital, David Ripley of Kraken, and Hayden Adams of Uniswap.
Other confirmed participants include Dante Disparte, Chief Strategy Officer at Circle; Stuart Alderoty, Chief Legal Officer at Ripple; Rebecca Rettig, Chief Legal Officer at Jito; Miles Jennings, General Counsel at a16z Crypto; and Kristin Smith, President of the Solana Policy Institute.
Terrett noted that a few more industry representatives could be added before the meeting begins.
Gillibrand’s Role and Ongoing Advocacy
Senator Kirsten Gillibrand, a long-time advocate for digital asset oversight, co-sponsored the Responsible Financial Innovation Act with Senator Cynthia Lummis in an earlier bipartisan effort. The bill sought to establish a clearer legal structure for cryptocurrencies and define the roles of U.S. financial regulators.
Gillibrand has continued to emphasize the need for balanced oversight that promotes innovation while ensuring consumer protection and financial stability.
The Genius Act vs. the Crypto Market Bill
The Genius Act, which moved swiftly through Congress earlier this year, has become a benchmark for legislative speed. In contrast, the crypto market structure bill has struggled to gain traction.
Last week, analysts from TD Cowen noted that lawmakers’ slow pace could push any significant crypto legislation past the midterm elections. They also warned that prolonged uncertainty could discourage investment and innovation in the U.S. crypto market.
While the Genius Act demonstrated bipartisan cooperation on technology policy, crypto regulation remains far more divisive, with sharp disagreements over oversight and enforcement.
Partisan Divide Over Market Oversight
On one hand, Senate Republicans have proposed a framework that divides jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Their version introduces the term “ancillary assets,” meant to clarify which tokens are not securities.
On the other hand, Senate Democrats are drafting an alternative framework focused on reducing illicit activity in decentralized finance (DeFi).
However, the proposal has faced criticism from both Republicans and leaders in the cryptocurrency industry. Critics argue that it could stifle innovation and slow sector growth.
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