Major Wall Street trade group SIFMA meets privately with crypto leaders on market structure bill

Key Takeaways

• Wall Street trade group SIFMA is actively engaging with crypto industry leaders to discuss the crypto market structure bill.
• The conversation was described as constructive on DeFi-related issues but inconclusive on other contentious topics, including yield-bearing stablecoins.

As the Senate prepares for a potentially decisive vote on crypto market structure legislation, Wall Street and crypto industry players have begun private negotiations to narrow their differences.

Representatives from SIFMA, the major Wall Street trade association, and the crypto industry held a private meeting on Thursday in an effort to resolve disputes over the crypto bill, scheduled for a Senate markup next week, Decrypt reported.

Sources said that the talks yielded limited but meaningful progress on how decentralized finance would be addressed under the legislation, although major disagreements, particularly regarding stablecoins and regulatory carve-outs, remain unresolved.

With Senate leaders planning a markup next week, stakeholders now expect intense lobbying and rapid-fire negotiations in the coming days, with bipartisan support still uncertain.