U.S. Senate Advances Crypto Market Legislation: Industry Leaders and Lawmakers Reach Consensus, Clear Regulatory Framework Expected by 2025

【Crypto】The US Congress has made new progress in cryptocurrency market regulation. This Wednesday, Senate Banking Committee Chairman Tim Scott presided over a key meeting that brought together leading institutions from the crypto industry and policymakers to discuss revisions to the Market Structure Bill.

The meeting was sizable. Participants included major exchanges, Kraken, Ripple, and other trading platforms, as well as well-known crypto projects like a16z and Chainlink. It also attracted industry advocacy groups such as the Blockchain Association, Digital Chamber of Commerce, DeFi Education Fund, and representatives from traditional financial institutions like Goldman Sachs, Bank of New York Mellon, and the Securities Industry and Financial Markets Association (SIFMA). Notably, Democratic lawmakers also participated, indicating bipartisan concern on this issue.

Kara Calvert, Vice President of US Policy at a major exchange, said after the meeting, “This was a meeting that demonstrated bipartisan interest and momentum. Next, we will move into the bill revision phase, where we need to find common ground among all parties.” This statement hints that, despite disagreements, the room for consensus is expanding.

Cody Carbon, CEO of the Digital Chamber of Commerce, further explained the significance of the meeting: “While several major policy issues remain unresolved, we see hope. Senate leaders taking time to meet with us before the recess shows they genuinely want to establish clear rules for US digital assets.” Carbon emphasized that this is a critical window in 2025 to clarify policy positions, especially regarding protecting DeFi developers’ rights.

Scott stated in a declaration that senators are “deliberately and cautiously” studying the bill’s provisions. Although participants did not disclose specific breakthroughs, it is generally believed that this meeting laid an important foundation for formal negotiations in January next year. Industry stakeholders are optimistic about advancing the bill, believing that even if there are disagreements, these obstacles can be gradually overcome.