On Wednesday, following a leaked proposal from the Democrats that called for licensing requirements in the decentralized finance (DeFi) sector, industry executives and U.S. lawmakers reached a boiling point in a tense meeting regarding the cryptocurrency market structure bill.
According to Eleanor Terrett, citing sources from the Wednesday meeting, Democratic senators accused industry executives of acting as an extension of the Republicans after a proposal requiring DeFi to comply with Know Your Customer (KYC) and anti-money laundering regulations sparked strong public backlash.
Reportedly, lawmakers warned industry representatives that ongoing public protests against specific provisions in the bill or proposed legislation would slow down the process of passing the regulations into law.
Bo Hines, former director of the Digital Assets Working Group under President Donald Trump, criticized the Democrats' response, saying, "Let me clarify: a Democratic senator is unhappy that the cryptocurrency community can scrutinize the policy proposal he wants to turn into law? How is that not ironic?"
This tense meeting comes as the U.S. government enters its fourth week of shutdown, delaying progress on the cryptocurrency market structure bill and hindering regulatory clarity for the U.S. industry.
Wisconsin Congressman Bryan Steil stated that despite the ongoing government shutdown, the cryptocurrency market structure bill, known as the CLARITY Act, is still expected to be signed into law by 2026.
"I hope that once we get through the shutdown crisis, we have the opportunity to quickly kickstart things and let the Senate move forward rapidly," Steil told CNBC on October 8.
White House economic advisor Kevin Hassett also told CNBC on Monday that if the Republicans could garner some votes from the opposing camp, the government shutdown would likely end this week.
"Moderate Democrats will push forward and let us reopen the government, at which point we can negotiate any policies they want to negotiate through normal procedures," Hassett said.
Related: What signals are there from the Federal Reserve's latest Fintech conference?
Original article: “Industry Executives and U.S. Lawmakers Reach Boiling Point in Cryptocurrency Bill Deliberation”
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