TechFlow reported on January 9, according to Decrypt, that Wall Street industry group SIFMA held a private meeting with representatives from the decentralized finance (DeFi)-focused cryptocurrency industry on Thursday, seeking to resolve major disagreements ahead of a crucial Senate vote on the crypto market structure legislation next week.
Insiders revealed that "progress" was made during the meeting regarding DeFi-related issues. SIFMA has recently opposed regulatory exemptions in the bill for certain DeFi services and developers. Additionally, it was reported that SIFMA, along with banking lobbying groups, is pushing to ban yield-bearing dollar stablecoins—despite such stablecoins being implicitly permitted under the GENIUS Act signed last year by President Trump.
Senate Banking Committee Chairman Tim Scott plans to hold a key review of the bill next Thursday. Most stakeholders believe the legislation must secure bipartisan support during the committee stage to have any chance of ultimately passing in a full Senate vote.
