Crypto execs to meet Senate Democrats over market structure legislation: report

A group of top crypto executives are expected to meet with pro-crypto Senate Democrats for a roundtable on Wednesday to discuss the future of crypto market structure legislation, according to journalist Eleanor Terrett.

Terrett reported Sunday that the meeting, led by Senator Kirsten Gillibrand, comes amid stalled negotiations with Republican lawmakers. 

Executives slated to attend include Coinbase CEO Brian Armstrong, Chainlink CEO Sergey Nazarov, Galaxy Digital CEO Mike Novogratz, Kraken CEO David Ripley, Uniswap CEO Hayden Adams, Circle Chief Strategy Officer Dante Disparte, Ripple Chief Legal Officer Stuart Alderoty, Jito CLO Rebecca Rettig, a16z Crypto General Counsel Miles Jennings, and Solana Policy Institute President Kristin Smith. Terrett noted that there may be additional attendees.

The Block has reached out to Senator Gillibrand's office and the companies mentioned above for further information.

The meeting reflects continued engagement between Democratic lawmakers and industry leaders. Gillibrand, who co-sponsored the bipartisan Responsible Financial Innovation Act with Senator Cynthia Lummis, has been a vocal advocate for providing regulatory clarity to crypto firms.

TD Cowen analysts wrote in a note last week that U.S. lawmakers have been slow to advance crypto market structure legislation, warning that the delay could push the bill's passage beyond the upcoming midterm elections.

Despite the Genius Act's rapid enactment, negotiations between Republicans and Democrats on the larger crypto market structure bill have so far lagged.

Senate Republicans have proposed a bill to allocate jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission, while also defining "ancillary assets" to clarify which cryptocurrencies aren’t securities. 

However, a leaked six-page Democratic proposal outlining their stance on preventing illicit activity through DeFi has drawn criticism from Republicans and the broader crypto community.