Executives from leading cryptocurrency firms are scheduled to participate in a roundtable with pro-crypto Senate Democrats this week to address market structure legislation.
It follows a leaked Democratic proposal on decentralized finance (DeFi) regulation that has ignited fierce industry backlash and derailed bipartisan progress.
Crypto Executives to Meet Senate Democrats Amid DeFi Regulation Dispute
According to journalist Eleanor Terrett, the meeting will occur on Wednesday, October 22. She identified ten executives likely to attend, noting that additional participants may be added.
Sponsored“These crypto C-suites are expected to attend a roundtable with pro-crypto Senate Democrats on Wednesday to discuss market structure legislation and the path forward,” the journalist posted.
For now, anticipated attendees include Coinbase CEO Brian Armstrong, Chainlink CEO Sergey Nazarov, Galaxy Digital CEO Mike Novogratz, Kraken CEO David Ripley, Uniswap CEO Hayden Adams, Circle Chief Strategy Officer Dante Disparte, Ripple Chief Legal Officer Stuart Alderoty, Jito Chief Legal Officer Rebecca Rettig, Solana Policy Institute President Katie Myers Smith, and Andreessen Horowitz crypto General Counsel Miles Jennings.
Senator Kirsten Gillibrand, a longtime advocate for crypto regulation clarity, will lead the roundtable. In 2023, she introduced the bipartisan Lummis-Gillibrand Responsible Financial Innovation Act.
She also co-sponsored the GENIUS Act, establishing a regulatory framework for stablecoin oversight. However, Gillibrand’s involvement has also drawn scrutiny following BeInCrypto’s investigation.
The probe revealed that her campaign received over $200,000 in donations from major crypto firms. Moreover, the contributors included some executives expected to attend the roundtable.
Meanwhile, the discussion on market structure legislation follows a recent proposal from US Senate Democrats. BeInCrypto reported that the group recently submitted a proposal to the Republicans.
The document, “Preventing Illicit Finance and Regulatory Arbitrage Through Decentralized Finance Platforms,” outlined several measures to regulate DeFi. Nonetheless, it reignited partisan tensions and stalled ongoing negotiations.
According to Jake Chervinsky, the proposal defines anyone who deploys or benefits from a DeFi protocol as an intermediary. It also forces all DeFi front-ends, including non-custodial wallets, to collect personal data and perform KYC checks.
Moreover, it grants the Treasury Department sweeping power to decide who has “influence” over a protocol and to ban any DeFi platform by putting it on a restricted list.
“This proposal is less a regulatory framework and more an unprecedented, unconstitutional government takeover of an entire industry. It’s not just anti-crypto, it’s anti-innovation, and a dangerous precedent for the entire tech sector,” he added.
Cardano founder Charles Hoskinson also criticized the proposal and extended his critique to the Democratic Party as a whole. Thus, the upcoming roundtable offers a notable opportunity for direct dialogue between policymakers and executives at a time when tensions over DeFi legislation are running high. Whether the discussion leads to constructive engagement or further division remains to be seen.
