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 ￰0￱ 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 ￰1￱ And Crypto Industry Execs Meet The session hosted by Senate Democrats opened with over 30 minutes of introductions from industry ￰2￱ person laid out the items they wanted reflected in the ￰3￱ warned the executives not to become visible political allies for Republicans, saying recent leaks around a DeFi proposal had shaken ￰4￱ lawmaker was quoted as saying “no slow walking was happening,” a line that aimed to reassure participants the process would move forward.

NEW: A play-by-play of what went down at the Senate Democrats–crypto industry leaders roundtable that just wrapped, according to sources in the room: The meeting opened with 30 minutes of introductions from industry leaders, which one attendee described as offering “the… — Eleanor Terrett (@EleanorTerrett) October 22, 2025 Republicans Stress Clear Rules For DeFi The Republican-led roundtable was described as ice cold in tone, but it carried a push for firm ￰5￱ agreed the bill must strengthen anti-money laundering (AML) checks and clamp down on other forms of illegal ￰6￱ also called for a clear definition of decentralized finance, which lawmakers said is needed so proposed rules cover that sector ￰7￱ 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 ￰8￱ Definitions And Oversight Debates Continue Based on reports, the debate over how to define DeFi remains one of the main sticking ￰9￱ leaders argued for limits that protect innovation, while some senators pushed for language that would make enforcement ￰10￱ efforts, including a meeting led by David Sacks with Senate Republicans, were mentioned as part of the push to speed things ￰11￱ sides signaled they are ready to keep negotiating details until agreement is reached.

SCOOP: Crypto and AI Czar @davidsacks47 is scheduled to meet tomorrow morning with Republican members of the Senate Banking Committee to stress the importance of advancing market structure out of committee this year and address concerns from members like @SenJohnKennedy who… — Eleanor Terrett (@EleanorTerrett) October 21, 2025 Timeline Pressures And Market Context There is growing pressure on Congress to finish the Market Structure Bill by the year’s ￰12￱ appeared optimistic but also cautious: progress depends on resolving disagreements over DeFi and on avoiding public fights that could slow the ￰13￱ 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 ￰14￱ also say further contributions are expected in the coming days as staff and lawmakers refine the ￰15￱ recommended joint sessions where negotiators and industry would work through language carefully, line by ￰16￱ approach is meant to cut down on last-minute surprises and to give both sides a chance to iron out ￰17￱ image from Unsplash, chart from TradingView