Crypto Executives to Meet Senate Democrats on Market Structure Bill
Senior crypto leaders will meet Senate Democrats on October 22, 2025. The discussion will focus on stalled bipartisan market structure legislation. Democratic Senator Kirstin Gillibrand will lead the roundtable.
According to journalist Eleanor Terrett, attendees include Coinbase CEO Brian Armstrong, Chainlink CEO Sergey Nazarov, Galaxy CEO Mike Novogratz, Kraken CEO David Ripley, Uniswap CEO Hayden Adams, Solana Policy Institute President Kristin Smith, Circle CSO Dante Disparte, Ripple CLO Stuart Alderoty, Jito CLO Rebecca Rettig, and a16z Crypto GC Miles Jennings.
The Leaked DeFi Proposal and Industry Backlash
The meeting follows the October 9, 2025 leak of a Democratic proposal targeting decentralized finance (DeFi). The draft mandates Know Your Customer (KYC) rules for DeFi frontends and creates a “restricted list” of protocols. It also removes legal protections for blockchain developers, increasing their risk of lawsuits or arrests.
Industry leaders sharply criticized the proposal. Coinbase CEO Brian Armstrong called it unviable and warned it could stifle U.S. innovation. Uniswap founder Hayden Adams said the plan could “kill DeFi in the U.S.”
Critics argue the proposal could damage bipartisan efforts like the CLARITY Act, passed by the House in July. They say the provisions would harm the industry instead of creating balanced rules.
Market Impact and Next Steps
The Democratic proposal contrasts with Republican drafts, which favor blockchain developers. Republican negotiators have paused talks over concerns about regulatory overreach.
The October 22 meeting aims to address industry concerns and revive negotiations. Key topics include SEC and CFTC oversight and federal stablecoin rules.
The meeting also occurs amid signals from the Trump administration supporting crypto-friendly policies, though no specific legislative plans have been announced.
The outcome could determine if crypto market structure legislation passes before 2026 or faces further delays.
