Wall Street and the Crypto Industry Hold Closed-Door Talks on Legislative Differences, DeFi and Yield-Generating Stablecoins See "Limited Progress"

BlockBeats News, January 9th. A major Wall Street lobbying group, SIFMA, held a closed-door meeting this Thursday with several cryptocurrency industry representatives to discuss key disagreements in the US cryptocurrency market structure bill and made some progress on DeFi-related provisions.

According to sources, SIFMA recently opposed granting regulatory exemptions to certain DeFi protocols and developers in the bill, while also joining bank lobbying groups in advocating for restrictions on yield-bearing stablecoins. The cryptocurrency industry, on the other hand, tried to persuade SIFMA to lower its demands to avoid disrupting the bipartisan negotiation outcome.

The time window is rapidly narrowing. Senate Banking Committee Chair Tim Scott plans to advance the bill's deliberation next week. It is widely believed within the industry that if bipartisan support cannot be secured during the committee stage, the bill will face difficulties in reaching a full Senate vote. This bill is seen as a critical legislation to reshape the US cryptocurrency regulatory framework, with the final outcome still highly uncertain.