The Market Structure Bill has been a central focus in crypto regulation discussions.
Although it has faced delays, the momentum appears to be building now, as it gains attention from both lawmakers and crypto industry leaders. Executives from some of the biggest names in crypto are meeting with Senate Republicans and Democrats today to push forward long-stalled market structure legislation.
Their goal is to revive bipartisan talks and move a bill forward before midterm politics take over. Here is a look at how today’s crypto push on the Hill is unfolding and who is taking part.
President Trump’s policy lead on crypto and artificial intelligence, David Sacks, is set to meet with Republican members of the Senate Banking Committee at 10 a.m., to emphasize that passing market structure legislation this year remains a top priority for the White House.
Crypto in America, notes that the meeting will focus on senators such as John Kennedy (R-LA), who has cautioned against rushing a Senate version of the House’s CLARITY Act. Last week, he said that the committee may need multiple hearings to fully understand what he described as “one of the most complicated pieces of legislation” he has ever seen.
Democrats see this reluctance as a small but “glaring” crack in the GOP’s push to move the bill forward. Further, Senator Kirsten Gillibrand will meet with Senate Democrats active in market structure talks, including Chuck Schumer.
Top executives from across the crypto industry will also join the members. The group includes Coinbase CEO Brian Armstrong, Galaxy Digital CEO Mike Novogratz, Kraken CEO Dave Ripley, Chainlink CEO Sergey Nazarov, and Uniswap CEO Hayden Adams.
Other executives include Ripple’s CLO Stuart Alderoty, Circle’s strategy chief Dante Disparte, a16z crypto’s general counsel Miles Jennings, and officials from Solana Policy Institute, Jito, and Paradigm.
Coinbase CEO notes that momentum for clarity on crypto rules is at an all-time high, and lawmakers are committed to working on a bill even during a government shutdown.
In the afternoon, Armstrong, Nazarov, Smith, Alderoty, Jennings, Adams, and Ripley, will join a Republican-led roundtable hosted by Banking Committee Chair Tim Scott (R-SC) and Cynthia Lummis (R-WY).
The roundtable is meant to smooth things over and restart talks. Tensions flared two weeks ago when a leaked proposal showed how far apart Democrats and Republicans are on regulating decentralized finance.
The negotiations fell apart after the Republicans demanded a set markup date while Democrats said they needed more time to weigh in and keep the bill bipartisan.
However, aides from both the parties hope that the roundtables will help get talks back on track and create a more open, cooperative conversation with the crypto industry about DeFi.
Armstrong has previously said that the bill has a strong chance of passing and said that he has never been more bullish on the market structure bill, describing it as “a freight train leaving the station.”
If the market structure bill passes, it would be one of the most significant developments for the U.S. crypto industry.
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