Intense Discussions on Crypto Legislation Between Industry Leaders and U.S. Lawmakers
Recently, discussions surrounding the crypto market structure bill escalated in intensity during a tense meeting between industry leaders and U.S. lawmakers. This meeting was prompted by a leaked Democratic proposal aimed at imposing permissioned requirements on the decentralized finance (DeFi) sector.
Democratic senators accused industry representatives of being aligned with Republican Party interests following the issuance of a leaked Democratic proposal which mandated know-your-customer (KYC) and anti-money laundering (AML) regulations for DeFi. This sparked significant backlash, as noted by Eleanor Terrett, who quoted sources from the meeting.
Lawmakers caution that ongoing public dissent regarding the proposal could hinder the bill’s progress towards becoming law.
Source: Eleanor Terrett
Bo Hines, previously the director of Donald Trump’s Working Group on Digital Assets, expressed criticism towards the Democrats’ response to the situation, stating, “So let me get this straight: a Democratic Senator is upset the crypto community was able to review the policy proposals he wants to turn into law? How is this not satire?”
This meeting takes place as the U.S. government shutdown stretches into its fourth week, further delaying crucial regulations for the crypto industry in the U.S.
Progress on the Crypto Market Structure Bill
Wisconsin Representative Bryan Steil asserted that the crypto market structure bill, known as the CLARITY Act, remains “on track to be signed into law by 2026,” despite the ongoing shutdown. Steil expressed hope that once the shutdown concludes, the Senate will expedite the legislative process.
Kevin Hassett, an economic adviser, also commented on the prospects of resolving the shutdown, anticipating that it would conclude soon, thereby providing an opportunity for negotiations on pending policies.
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