Top cryptocurrency executives held meetings with U.S. senators from both parties on October 23, 2025, to revive stalled negotiations on a landmark market structure bill for digital assets. The discussions highlighted bipartisan commitments amid concerns over timelines, ethics, and regulatory details. Industry leaders expressed optimism for passage by year's end despite ongoing government shutdown challenges.
On Wednesday, October 23, 2025, a dozen crypto industry leaders, including Coinbase CEO Brian Armstrong, met separately with Senate Democrats and Republicans on Capitol Hill to advance a bipartisan market structure bill establishing new regulations for digital assets. The legislation, a priority for the industry, has faced delays after talks stalled earlier this month due to public disputes over a leaked Democratic proposal on decentralized finance (DeFi).
In the Democratic meeting, senators expressed frustration over the industry's response to the DeFi document, which addressed illicit finance concerns. Sen. Ruben Gallego (D-Ariz.) told executives he was “really fucking pissed about” the reaction, stating, “They used you all and your megaphones to fuck us.” However, Gallego later told reporters, “That’s in the past now. I think there was a lot of miscommunication, and I wanted to make sure they know that we’re here to work in a bipartisan manner.” Sen. Adam Schiff (D-Calif.) raised issues about President Donald Trump’s business ties to crypto, prompting Armstrong to respond that “the ethics issue is much broader than crypto” and that such matters “should [not] be a part of this legislation.” Armstrong added that Trump “has been incredibly beneficial to the crypto industry.”
Republicans, led by Senate Banking Chair Tim Scott (R-S.C.), aim to move the bill out of committee before Thanksgiving. A Republican spokesperson, Jeff Naft, described the GOP meeting as “productive, with stakeholders providing feedback and reaffirming support for a bipartisan approach.” Sen. John Kennedy (R-La.) cautioned against rushing, saying, “the worst thing we can do on this bill is to try to ram it through,” warning it could lead to instability. One industry official noted a commitment to continue bipartisan work but said passing it this year would require a “miracle” due to timeline differences.
Progress is hampered by a government shutdown furloughing two Commodity Futures Trading Commission staffers key to the bill's Senate Agriculture Committee work. Chainlink Labs cofounder Sergey Nazarov, who attended, said lawmakers recognize the industry's economic value and are addressing illicit finance and DeFi issues. Post-meeting, Armstrong posted on X that he is “bullish” on the bill, stating, “we’re 90% there” and expecting it out of committee by Thanksgiving and passed by year-end. The House passed a similar Clarity Act in July, but Senate action remains uncertain amid shutdown distractions.