The main trade organization on Wall Street, SIFMA, held a closed-door meeting with representatives from the DeFi and crypto industry to discuss the Senate's proposed Market Structure Bill. The two sides had significant disagreements over the DeFi regulatory provisions in the bill, but according to informed sources, some progress was made on certain issues.

The key point of contention is that SIFMA recently opposed giving regulatory exemptions to certain DeFi protocols and developers in the bill, and teamed up with banking lobbying groups to push for restrictions on yield-bearing USD stablecoins. Meanwhile, representatives from the crypto industry are working to persuade SIFMA to lower these demands, hoping to preserve the consensus already reached in bipartisan negotiations and prevent the situation from worsening.

Time pressure cannot be ignored. Senate Banking Committee Chairman Tim Scott plans to advance the bill for committee review next week. Industry consensus is that if the bill fails to garner bipartisan support in the committee stage, it will be extremely difficult to pass in a full Senate vote. The bill is widely regarded as a key piece of legislation to reshape the US crypto regulatory framework, but its final outcome remains uncertain.