Wall Street and the crypto industry hold closed-door talks on legislative differences, with "limited progress" seen in DeFi and yield-bearing stablecoins

BlockBeats News, January 9 — The main Wall Street lobbying organization SIFMA and several representatives from the crypto industry held a closed-door meeting this Thursday to discuss core disagreements in the US crypto market structure bill, and made some progress on DeFi-related provisions.

According to sources, SIFMA has recently opposed regulatory exemptions in the bill for certain DeFi protocols and developers, while also working with banking lobby groups to push for restrictions on yield-bearing US dollar stablecoins. The crypto industry, on the other hand, is trying to persuade them to lower their demands to avoid undermining bipartisan negotiations.

The time window is rapidly closing. Senate Banking Committee Chairman Tim Scott plans to advance the bill's review next week. It is widely believed within the industry that if bipartisan support cannot be secured at the committee stage, the bill will struggle to reach a full Senate vote. The bill is seen as key legislation to reshape the US crypto regulatory framework, but its ultimate outcome remains highly uncertain.