BlockBeats News, October 10th, According to Crypto in America, negotiations between US Senate Republicans and Democrats on cryptocurrency market structure legislation have stalled due to a new Democratic proposal to regulate DeFi, which has sparked strong opposition within the industry. Republicans are frustrated by Democratic colleagues’ continued disagreement on the DeFi issue, and there has been little substantive feedback on the discussion draft. Despite what both sides have described as weeks of “productive discussions,” Republicans informed Democrats on Wednesday that negotiations are now on hold until an agreement is reached on a revision date—the Banking Committee leadership had initially planned to mark up on September 30th.
Multiple sources confirmed that Republicans have been pushing for a revision date in late October, but Democrats are cautious about this, unwilling to formally commit to a date, indicating that they want more time to craft a bipartisan draft. Both sides are blaming each other, and it is currently unclear which side will give way first: whether Democrats will agree to a revision date or Republicans will return to the negotiating table. The longer the deadlock persists, the more likely it is that the bill will be delayed until 2026 when Congress will inevitably shift its focus to the midterm elections, pushing cryptocurrency policy to a secondary position.
