Crypto Executives Meet With Senators On SEC Rules

Leading figures in the cryptocurrency sector met with U.S. lawmakers on Wednesday to advocate for the advancement of a market structure bill designed to regulate digital assets. The discussions, lasting approximately three hours, included senior senators Tim Scott, Kirsten Gillibrand, and Chuck Schumer.

Participants included Coinbase CEO Brian Armstrong, Chainlink’s Sergey Nazarov, and Kraken co-CEO David Ripley. Nazarov described the meeting as more than a standard roundtable, noting that senior senators engaged directly and recognized the economic value of the sector, indicating a need for proper regulation.

The group held separate sessions, first a 90-minute discussion with Democratic representatives and then a session lasting over an hour with Republicans. Democrats focused on questions regarding decentralized finance (DeFi) and illicit uses of cryptocurrency. Nazarov stated the tone was serious, with lawmakers attempting to balance inclusion with control.

The second meeting with Republicans reportedly had a more supportive atmosphere. Both sessions centered on the market structure bill, which was expected to be put to a vote at the end of October but was suspended due to a federal government shutdown.

The bill aims to clearly distinguish cryptocurrencies as commodities and securities, determining which regulatory body (SEC or CFTC) will oversee them. This clarity is vital for major players like Kraken and Coinbase, who currently face uncertainty regarding compliance requirements.

Republican spokesperson for the Senate Banking Committee, Jeff Naft, described the meeting as productive and reiterated the sector’s support for the bill, urging Democrats to promptly schedule a vote.

This development follows the passage of a stablecoin bill earlier this year. The cryptocurrency industry hopes this new initiative will pave the way for more comprehensive digital asset regulation.

The meeting represents significant pressure from crypto executives, signaling a priority for Washington to address this critical legislation.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.