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4h ago

Senate Democrats Set Oct. 22 Crypto Roundtable After DeFi Backlash Stalls Bill

The meeting is an exploratory attempt to revive a market-structure compromise rather than a venue for unveiling bill text.

DeFi regulation fight derails U.S. crypto bill, odds of passage collapse to 17%
Crypto's half finished legislative agenda teeters as ceos set meeting with democrats
U.s. democratic lawmakers to hold crypto roundtable on oct. 22 
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Overview

  • Sen. Kirsten Gillibrand will host a closed-door session with executives from Coinbase, Chainlink, Ripple, Uniswap, Galaxy Digital, Kraken, Circle and others.
  • Talks follow a leaked Democratic DeFi draft that drew sharp criticism from industry groups and Republicans, with Coinbase’s Brian Armstrong calling it a nonstarter.
  • Key fault lines include whether DeFi front ends and protocol contributors face AML/KYC-style obligations and how authority is split between the SEC and CFTC.
  • Industry coalitions have urged lawmakers to adopt bright-line token definitions, warning that the leaked framework could effectively ban DeFi and wallets in the U.S.
  • No immediate legislative text is expected, and with Republicans stepping back from negotiations, prediction markets now peg end-2025 passage odds near 17%.