Considerations on the crypto market structure bill between industry executives and US lawmakers hit a fever pitch on Wednesday in a tense meeting, following a leaked proposal from Democrats to impose authorizations required on the decentralized finance sector (DEFI).
Democratic senators accused industry executives of acting as an extension of the Republican Party after a Leaked Democratic proposal mandating Know-your-customer and Anti-Money Laundering Regulations In Defi caused a public outcry, according to Eleanor Terrett, who cited sources at Wednesday’s meeting.
Lawmakers reportedly warned industry representatives that continued public avoidance of the bill, or specific provisions in the proposed law, would slow down the progress of passing regulations into the law.
Bo Hines, the former director of Donald Trump’s US working group on digital assets, criticized the reaction from Democrats, saying“
The meeting tense comes as the The US government shutdown is entering its fourth week.
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Crypto Market Structure Bill On Track Despite Government Shutdown
Wisconsin representative Bryan Steil said the crypto market structure bill, known as The Clarity Act, is still on track to be signed in law By 2026, despite the ongoing government shutdown.
“I hope that when we get to the other side of the shutdown that we have an opportunity to hit the ground running and move the Senate forward quickly,” Steil said CNBC on October 8.
White House Economic Adviser Kevin Hassett also told CNBC on Monday that the The government shutdown is likely to end This week if the Republicans manage to get some votes from the other side of the aisle.
“Moderate Democrats are going to go ahead and get us an open government, at which point we can negotiate any policies they want to negotiate on a regular basis,” Hassett said.
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