Crypto Regulation Showdown: Can SIFMA and Industry Stakeholders Resolve Their Differences?

The Wall Street organization SIFMA and representatives from the crypto industry recently held internal negotiations, engaging in in-depth discussions around the Senate's proposed crypto market structure legislation. The outcome of this meeting will influence the future direction of the entire industry.

**Consensus and Challenges in Coordination**

According to industry sources, both parties have reached a preliminary consensus on DeFi regulatory exemptions, which is seen as a significant breakthrough. However, there is still limited room for negotiation regarding the regulatory framework for yield-bearing stablecoins and the definitions of other key provisions. This reflects the fundamental divergence between Wall Street and the crypto community on risk management and innovation freedom.

**Critical Moment: Next Thursday’s Revision Hearing**

Senate Banking Committee Chairman Tim Scott will organize an important revision discussion of the bill next Thursday. This step is crucial—if the bill is to advance in Congress, it must garner bipartisan support. Analysts believe that without a bipartisan consensus at this stage, the bill’s subsequent progress will face significant obstacles.

The industry generally believes that the coordination results between SIFMA and crypto representatives will directly impact the final direction of the bill. This policy tug-of-war is far from over.