Clock Ticking: Senators, Crypto Bigwigs Race To Shape US Market Rules

Senators and Republican lawmakers ended separate roundtable meetings this week as talks around the Crypto Market Structure Bill picked up steam. According to sources cited by Fox Business journalist Eleanor Terrett, both sides met with industry leaders, including executives from Coinbase and Ripple, to press ahead on draft language and priorities.

Lawmakers And Crypto Industry Execs Meet

The session hosted by Senate Democrats opened with over 30 minutes of introductions from industry representatives. Each person laid out the items they wanted reflected in the bill.

Senators warned the executives not to become visible political allies for Republicans, saying recent leaks around a DeFi proposal had shaken trust. One lawmaker was quoted as saying “no slow walking was happening,” a line that aimed to reassure participants the process would move forward.

Republicans Stress Clear Rules For DeFi

The Republican-led roundtable was described as ice cold in tone, but it carried a push for firm rules. Attendees agreed the bill must strengthen anti-money laundering (AML) checks and clamp down on other forms of illegal finance.

They also called for a clear definition of decentralized finance, which lawmakers said is needed so proposed rules cover that sector fully. The discussion led to two concrete recommendations: oversight should center on intermediaries rather than on blockchain protocols, and lawmakers should sit down with industry to review the bill line by line in an extended joint session.

Based on reports, the debate over how to define DeFi remains one of the main sticking points. Industry leaders argued for limits that protect innovation, while some senators pushed for language that would make enforcement easier.

Earlier efforts, including a meeting led by David Sacks with Senate Republicans, were mentioned as part of the push to speed things up. Both sides signaled they are ready to keep negotiating details until agreement is reached.

There is growing pressure on Congress to finish the Market Structure Bill by the year’s end. Lawmakers appeared optimistic but also cautious: progress depends on resolving disagreements over DeFi and on avoiding public fights that could slow the process.

Reports noted that outside events, such as the next Federal Reserve meeting, could change how markets react to any new rules, though the timing of legislation itself is driven by negotiation, not by macro announcements.

Reports also say further contributions are expected in the coming days as staff and lawmakers refine the text. Participants recommended joint sessions where negotiators and industry would work through language carefully, line by line. That approach is meant to cut down on last-minute surprises and to give both sides a chance to iron out details.

Featured image from Unsplash, chart from TradingView