Foreign media: Wall Street and crypto industry representatives make "progress" in private talks on crypto legislation

DeepFlowTech · 2026-01-09T00:26:05+00:00

The Wall Street trade organization SIFMA and representatives from the cryptocurrency industry held a meeting on January 9th, attempting to resolve differences before the vote on the Crypto Market Structure Act. The meeting made progress on DeFi issues, with SIFMA opposing regulatory exemptions in the bill and advocating for a ban on yield-bearing USD stablecoins. The Senate will conduct a key review of the bill next week.

DeepFlowTech

2026-01-09 00:26:05

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Deep Tide TechFlow News, January 9 — According to Decrypt, the major Wall Street trade organization SIFMA and representatives from the cryptocurrency industry focused on decentralized finance held a private meeting on Thursday, attempting to resolve major disagreements ahead of a critical Senate vote next week on the Market Structure Bill.

Sources revealed that the meeting made “progress” on DeFi issues. Recently, SIFMA opposed the regulatory exemptions provided for certain DeFi services and developers in the bill. Additionally, reports indicate that SIFMA and banking industry lobbying groups are pushing to ban yield-bearing USD stablecoins, despite such stablecoins being tacitly permitted by the GENIUS Act signed by President Trump last year.

Senate Banking Committee Chairman Tim Scott plans to hold a key hearing on the bill next Thursday. Most stakeholders believe that the bill needs bipartisan support during the committee review stage to have a chance of passing in the full Senate.

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