2026-01-09 01:22:21

Recently, there has been a noteworthy development in the US financial regulatory circle. The main trade organizations on Wall Street, SIFMA, and representatives from the DeFi and crypto industry, met on January 9th to privately discuss the controversial crypto market structure bill in the Senate.

Both sides have their own demands, and disagreements remain significant. SIFMA has recently opposed the bill’s regulatory exemption clauses for DeFi protocols and developers, and has teamed up with banking lobbying groups to push for restrictions on yield-bearing USD stablecoins. The crypto industry, on the other hand, hopes to persuade the other side to relax their stance, fearing that if the negotiations continue like this, the bipartisan framework they’ve painstakingly built could collapse.

Time pressure is quite intense. Senate Banking Committee Chairman Tim Scott has already planned to advance the bill for review next week, which means the window for reconciliation is rapidly closing. Industry insiders believe that if the bill does not gain bipartisan support at the committee stage, it will be very difficult for it to proceed to a full Senate vote.

In plain terms, this bill is seen as a key piece of legislation to reshape the US crypto regulatory framework, but the current situation remains uncertain. No one can predict how it will end.

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TokenStorm

· 01-12 00:24

On-chain data shows that in this wave of speculation, stablecoins are the real eye of the storm. It’s too obvious that banks want to block the profit-generating USDT route. If the committee vote doesn’t pass next Monday, retail investors like us will be cut again. Anyway, I’ve already calculated the liquidation price... FOMO is not worth it. It’s not the first time the bipartisan framework has collapsed. The key is whether DeFi can hold the bottom line of the exemption clause. It feels risky. The time window is shrinking, which is a typical policy uncertainty premium. There is still arbitrage space, but it depends on who has the stronger psychological resilience. Honestly, everyone is betting on the weight of that one vote in Tim Scott’s hands, but the information we know is always just surface-level.

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NeonCollector

· 01-09 01:51

Wall Street's old foxes are really something else. As soon as the DeFi exemption clause came out, they blew up. Now they want to push stablecoins, which is purely about choking crypto to death. --- Bipartisan cooperation framework? Ha, just listen to it. When interests conflict, everything falls apart. Next week's hearings are probably going to be very turbulent. --- Tim Scott's move to accelerate is clearly aimed at creating tension to force all parties to comply. The old tricks are really tired. --- DeFi developers are really being grilled this time. With the exemption clause gone, how will they continue to operate? --- Honestly, whether this bill passes or not is quite heartbreaking. If it passes, it becomes regulatory shackles; if it doesn't, crypto in the US will be even more awkward, with a high chance of ending in failure. --- The Federal Reserve and traditional finance haven't given up on stablecoins. Banning the profit model is just a matter of time. --- There should still be behind-the-scenes deals before the window closes. Don't be fooled by the surface-level "disagreements." --- If crypto can really persuade some supporters back, that would be a win. But it doesn't seem very hopeful.

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FUD_Vaccinated

· 01-09 01:49

Wall Street is starting to shift the blame again. Honestly, they're just afraid that DeFi will take away their business. Stablecoins do need to be cautious, but are the restriction strategies really that outrageous... Deciding next week? That's too tight a schedule. Feels like this bill is almost doomed to fail. The DeFi exemption clause was just there, and now it's gone. These traditional finance guys really know how to play politics. It all depends on how Tim Scott pushes it. The current situation is a bit tense. Is the bipartisan consensus so fragile? It's a miracle if this bill passes. The crypto industry is caught in the middle this time, and it’s a bit uncomfortable.

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SchrodingerWallet

· 01-09 01:29

The folks on Wall Street still want to choke us, and they definitely won't let go easily on stablecoins. Uh oh, is the review happening next week? It feels like the bipartisan framework is in trouble this time. If the DeFi exemption clause is gone, the entire ecosystem will have to be reshuffled... Isn't this essentially covert suppression? Tim Scott's move is quite aggressive, the time window is getting narrower, which means someone is definitely pushing behind the scenes. The heated debate over private meetings, the final bill will definitely be a compromise, no one can expect to win. What is SIFMA afraid of? It's just worried that DeFi will take away traditional financials' share. The bipartisan framework collapsing just like that? I think it's not the framework itself, but the distribution of interests. If it can't even go to a full vote, this will be even more complicated... maybe we have to wait for the next window? Honestly, I feel a bit pessimistic. It seems that the major regulatory framework will have to be rewritten sooner or later.

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WhaleInTraining

· 01-09 01:23

Wall Street is still playing the old tricks, fearing that DeFi will take their jobs. How could this bill possibly pass smoothly? Bipartisan cooperation was already fragile, and now SIFMA's interference makes it worse. Just wait and see, it will be clear next week. When the time comes, it will either be a major positive or a crash—no middle ground. Targeting stablecoins is bound to happen sooner or later. They just don't want to see decentralized projects making quick money. With such a tight schedule, it feels like someone is pushing something behind the scenes. Don’t ask me how I know. This is the real game of strategy—more exciting than on-chain trading.

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