Wall Street and the Crypto Industry Hold Closed-Door Talks on Legislative Differences, DeFi and Yield-Generating Stablecoins See "Limited Progress"

January 9th A major Wall Street lobbying group, SIFMA, held a closed-door meeting with several cryptocurrency industry reps this Thursday to discuss key disputes over the U.S. cryptocurrency market structure bill—and made some progress on DeFi-related provisions. Sources note SIFMA recently pushed back against regulatory exemptions for certain DeFi protocols and developers in the bill, and also joined bank lobbying groups to advocate for restrictions on yield-bearing stablecoins. The crypto industry, meanwhile, pushed to convince SIFMA to scale back its demands to avoid derailing the bipartisan negotiation outcome. The window for action is quickly closing: Senate Banking Committee Chair Tim Scott intends to move the bill forward in deliberations next week. Industry insiders widely expect the legislation will struggle to reach a full Senate vote if bipartisan support isn’t secured during the committee stage. Viewed as a key step to reshape the U.S. crypto regulatory framework, the bill’s final outcome remains highly uncertain.