There is a growing sense that 2025 will be a failure for long-awaited US legislation to establish a fully regulated crypto sector, but negotiations in the Senate can at least regain some momentum, according to the sentiments of those expected to speak with Senate Democrats this week.
Crypto executives such as Coinbase CEO Brian Armstrong, Chainlink co-founder Sergey Nazarov, Uniswap’s Hayden Adams and Solana Policy Institute president Kristin Smith are preparing to meet with up to 10 Democratic senators, according to the expectations of those involved in the event, although plans have not yet been finalized.
Wednesday’s meeting, which is also expected to include the heads of Kraken and Galaxy Digital and the leaders of a16z Crypto and Circle, will seek to move forward from controversial discussion language that has recently emerged on the Democratic side. The decentralized finance (DeFi) ideas presented have been deemed unworkable by industry insiders, threatening negotiations over the Crypto Market Structure bill that would set rules and government oversight of U.S. crypto markets.
Crypto chiefs hope to “get market structure legislation back on track and ensure communications with the industry remain open,” according to a Chainlink spokeswoman. “Dialogues like this are essential to making this project a reality.”
Earlier this year, senators from both parties were optimistic that the bill would be completed and delivered to the desk of President Donald Trump, who has already signed a bill regulating U.S.-issued stablecoins. While the House of Representatives has already passed market structure legislation with its Digital Asset Market Clarity Act, progress in the Senate has slowed as negotiations have become contentious and the federal government has shut down for lack of an approved spending plan.
Trump’s August deadline was missed, followed by the September 30 deadline set by Senator Tim Scott, chairman of the Senate Banking Committee. As constantly postponed legislative markup projects trickle down, Sen. Cynthia Lummis recently proposed the end of the year as a more realistic goal, although others are less hopeful.
“The United States Senate will do its job,” Mannar Hanna, a former general counsel to Sen. Scott who now works at APCO Worldwide, said during a panel at DC Fintech Week. He joked that it pained him to admit that the House had already done its duty.
“I would say next year,” Hanna predicted for the completion of the market structure. “There is a lot to do in Congress in the coming months.”
Read more: Senate Democrats’ Crypto Position Leak Would Stifle DeFi, Industry Insiders Say
UPDATE (October 20, 2025, 6:52 p.m. UTC): Adds more company names as participants in Senate meetings.
