U.S. Senate advances crypto market legislation: Industry giants like Coinbase push for a compromise mechanism by 2025

【ChainNews】The cryptocurrency industry has made significant moves in Washington these days. Senator Tim Scott, chairman of the Senate Banking Committee, convened influential figures from the industry, with representatives from leading organizations such as Coinbase, Kraken, Ripple, and Chainlink, as well as industry groups like the Blockchain Association and the Digital Chamber of Commerce. Traditional financial giants like Goldman Sachs and Bank of New York Mellon also attended.

The core issue of the meeting was the revision of the US Cryptocurrency Market Structure Act. After the meeting, Kara Calvert, Vice President of US Policy at Coinbase, expressed optimism about the progress: “Both parties have shown genuine interest and willingness to push forward. We need to move into the amendment phase of the bill, and now we are looking for a compromise that can be accepted by all parties.”

Participants see this gathering as a critical window before 2025 — possibly the last chance to truly put positions on the table. Organizations like the DeFi Education Fund emphasized the need to protect the rights of software developers. Although no new agreement was finalized on the spot, senators have already expressed their determination to advance.

Cody Carbon, CEO of the Digital Chamber of Commerce, described the situation quite candidly: “There are still several major policy issues in front of us, but we see hope — since Senate leaders still took the time to meet with us before the holiday break, it shows they are serious about establishing rules for the US digital asset industry. Obstacles can definitely be cleared.” It seems that subsequent negotiations in January will be more productive.