Wall Street and the crypto industry hold closed-door talks over legislative disagreements, with DeFi and yield-bearing stablecoins making "limited progress"

On January 9th, the main lobbying organization on Wall Street, SIFMA, held an undisclosed closed-door meeting with several representatives from the crypto industry this Thursday to discuss core disagreements in the U.S. crypto market structure bill, and made some progress on DeFi-related provisions. Sources say that SIFMA has recently opposed regulatory exemptions for certain DeFi protocols and developers in the bill, while also working with banking lobbying groups to push for restrictions on yield-bearing dollar stablecoins. The crypto industry, on the other hand, is trying to persuade SIFMA to lower its demands to avoid jeopardizing bipartisan negotiations. The time window is rapidly closing. Senate Banking Committee Chairman Tim Scott plans to advance the bill for review next week. Industry insiders generally believe that if bipartisan support is not secured at the committee stage, the bill will have difficulty moving to a full Senate vote. The bill is seen as a key piece of legislation to reshape the U.S. crypto regulatory framework, but its ultimate outcome remains highly uncertain.