There is a growing sentiment that 2025 will be the fall of long-awaited US legislation to establish a fully regulated crypto sector, but the conversation in the Senate may at least be gaining momentum again, according to sentiments from people who spoke with Senate Democrats this week.
Crypto leaders such as Coinbase CEO Brian Armstrong, Chainlink co-founder Sergei Nazarov, Uniswap’s Hayden Adams and Solana Policy Institute President Kristin Smith are preparing to meet with 10 Democratic senators in anticipation of the event, though plans have not yet been finalized, according to people close to the event.
Wednesday’s meeting, which is also set to include the heads of Kraken and Galaxy Digital and executives from a16z Crypto and Circle, will seek to move beyond some of the controversial discussion language that has recently emerged from the Democratic side. The decentralized finance (DeFi) ideas outlined were seen as impractical by industry insiders, threatening negotiations on a crypto market structure bill that would set regulations and government oversight for US crypto markets.
Crypto chiefs hope to “get market structure legislation back on track and ensure communication with the industry remains open,” a Chainlink spokesperson said of the meeting, which was first reported by Crypto in the US. “Dialogues like this are key to making this a reality.”
Earlier this year, senators from both parties were optimistic about completing the legislation and bringing it to President Donald Trump, who had already signed into law a bill that regulates US-issued stablecoins. While the House of Representatives has already introduced 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 is shut down due to the lack of an approved spending plan.
Smith, one of those planning to attend this week, said “a productive conversation between industry and policymakers is essential” to getting the market structure bill right.
Trump’s previous deadline of August passed, followed by a September 30 deadline set by Senator Tim Scott, chairman of the Senate Banking Committee. As continually postponed plans for legislative markup dates slipped away, Senator Cynthia Lummis recently offered the end of the year as a more realistic target, though others are less optimistic.
“The United States Senate will do its job,” Mannar Hanna, former general counsel to Senator Scott who now works at APCO Worldwide, said at a panel during DC Fintech Week. He joked that he was sad to admit that the House had already done its duty.
“I would say next year,” Hanna predicted the completion of the market structure. “There’s a lot on the table for Congress in the next few months.”
Republican members have advanced a draft of the bill — their version of the House Clarity Act. But Democrats have suggested several changes that need to be made before he can join.
Ultimately, “any sustainable policy must be bipartisan,” Summer Mersinger, CEO of the Blockchain Association, said in a statement sent to CoinDesk on Monday.
Read More: Industry insiders say Senate Democrats’ leaked crypto position will stifle DeFi
UPDATE (October 20, 2025, 18:52 UTC): The Senate adds more company names as the meeting participants.
UPDATE (October 20, 2025, 22:37 UTC): Adds comments from crypto representatives.