There is a growing feeling that the United States’ long-awaited bill to establish a fully regulated cryptocurrency sector will falter in 2025, but negotiations in the Senate could at least gain momentum again, according to sentiment from those scheduled to meet with Senate Democrats this week.
Cryptocurrency leaders including Coinbase CEO Brian Armstrong, Chainlink co-founder Sergey Nazarov, Uniswap’s Hayden Adams and Solana Institute for Policy Research director Christine Smith are preparing to meet with up to 10 Democratic senators, as event officials predicted, but plans have not yet been finalized.
Wednesday’s meeting, which will also include the heads of Kraken and Galaxy Digital, as well as executives from A16Z Crypto and Circle, will aim to move on from the controversial language of debate that has recently emerged from the Democratic side. The decentralized finance (DeFi) idea outlined is seen by industry insiders as unfeasible, threatening negotiations over the U.S. Cryptocurrency Market Structure Act, which would set rules and government oversight for the cryptocurrency market.
A Chainlink spokesperson said crypto chiefs want to “get market structure laws back on track and keep communication open with the industry.” “Conversations like this are essential to making this a reality.”
Earlier this year, senators from both parties were optimistic about completing the bill and sending it to President Donald Trump’s desk. President Trump has already signed into law a bill regulating U.S.-issued stablecoins. The House has already passed a market structure bill with the Digital Asset Market Transparency Act, but progress in the Senate has slowed due to contentious negotiations and the federal government shutting down the government due to the lack of an approved spending plan.
The August deadline originally set by President Trump has passed, followed by the September 30 deadline set by Sen. Tim Scott, chairman of the Senate Banking Committee. As Congress’s long-delayed rate hike schedule slips, Sen. Cynthia Lummis recently proposed a more realistic target of year-end, but other lawmakers are less hopeful.
“The U.S. Senate will do its job,” Manor Hanna, Sen. Scott’s former general counsel who now works for APCO Worldwide, said during a panel discussion during DC FinTech Week. He joked that it was painful to admit that the House had already fulfilled its duty.
“It will be next year,” Hanna said, predicting the market structure will be completed. “Congress has a lot on their plate in the coming months.”
Read more: Senate Democrats’ leak of crypto positions will strangle DeFi, industry insiders say
Updated (October 20, 2025, 18:52 UTC): Add more company names as participants in the Senate meeting.
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