TechFlow news, October 23 — According to Eleanor Terrett's disclosure, Capitol Hill recently held a "crypto lightning round" meeting, with both parties engaging in roundtable discussions with industry leaders. David Sacks, the White House crypto and AI czar, stated that passing market structure legislation is the government’s top priority this year.
At the Democratic session, senators acknowledged that cryptocurrencies provide opportunities for voters unfairly treated under the traditional banking system, but Senator Gallego of Arizona warned industry leaders not to "become accomplices of the Republicans" due to the DeFi proposal leak incident.
The Republican session focused on how to define and regulate DeFi, proposing to center regulation on intermediaries rather than protocols, and suggesting bipartisan collaboration with industry representatives to review the bill line by line.
Senator Kennedy likened the legislative process to "the ups and downs of a heroin addict." Although both parties expressed willingness to cooperate, the next concrete steps remain unclear.
