On Wednesday, the top crypto executives will meet senate democrats to talk about the future of the cryptocurrency market in the United States. The private roundtable will deal with revitalizing bipartisan discussions after the latest legislative failures, and will be under the chair of Senator Kirsten Gillibrand (D-NY).
Confirmed attendees include Coinbase CEO Brian Armstrong, Chainlink CEO Sergey Nazarov, Galaxy Digital CEO Mike Novogratz, Kraken CEO David Ripley, and Uniswap CEO Hayden Adams. Other participants include Ripple’s Chief Legal Officer Stuart Alderoty, Circle’s Chief Strategy Officer Dante Disparte, a16z Crypto General Counsel Miles Jennings, Jito CLO Rebecca Rettig, and Solana Policy Institute President Kristin Smith.
The summit will discuss the industry issues of ambiguous rules and varying applications. Lawmakers plan to gather direct feedback from these executives on how to create clear, workable frameworks for digital assets. Reports indicate that additional executives may join as discussions progress.
The roundtable follows tension in Washington after a leaked Democratic draft proposed new rules for decentralized finance (DeFi). The document indicated that developers and operators of DeFi platforms act as intermediaries for digital assets, following traditional financial regulations.
Industry leaders criticized the proposal, arguing it ignored the decentralized nature of open-source blockchain systems. Developers contended that the measures would nearly prevent the operation of decentralized applications in the US. The backlash led Democrats to pursue renewed discussions with the crypto sector to prevent stifling innovation.
The Blockchain Association and the Digital Chamber of Commerce have advised legislators to consult with experts before the enactment of any law. They stressed that excessively harsh regulations might push the crypto development to other markets, where the regulation is less ambiguous, e.g., Europe and Asia.
Senator Gillibrand has maintained her position as one of the leading advocates for crypto regulation reform. She previously co-sponsored the Responsible Financial Innovation Act with Republican Senator Cynthia Lummis, which aimed to establish a comprehensive framework for digital assets.
Although some smaller bills, such as the GENIUS Act, have made progress, larger market structure legislation has stalled. Analysts are concerned that the meaningful reform might not make it out to the midterm elections due to the delays. The Senate Republicans introduced the idea of separating oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and Democrats are still developing their DeFi regulatory strategy.
The next meeting aims to establish common ground among all members. Lawmakers are hoping that constructive dialogues with the leaders of the industry will result in viable and moderate policies that would promote innovations and, at the same time, protect investors and preserve market integrity.