Overview
- Top crypto executives met separately with Senate Democrats and Republicans, as well as White House officials, to discuss next steps for a market-structure bill.
- Democratic senators signaled willingness to advance legislation, with more than ten participating in talks, while Republicans pushed for a firm committee markup date.
- Negotiations had stalled after a leaked Democratic DeFi proposal drew sharp industry criticism and escalated partisan mistrust over process and scope.
- Coinbase CEO Brian Armstrong said the effort is about 90% complete and is aiming for a committee vote by Thanksgiving, though this reflects his assessment of progress.
- Key gaps remain on DeFi treatment, SEC–CFTC jurisdiction and stablecoin rewards, and the ongoing government shutdown is limiting Senate bandwidth and threatening year-end passage.