• Sen. Kirsten Gillibrand will host a crypto roundtable with market leaders. 
• The meeting follows backlash over a leaked DeFi proposal that halted bipartisan talks.
• Lawmakers aim to rebuild trust with the industry and restart progress on clear regulations.

According to a recent report based on crypto regulations, the Democratic lawmakers will meet notable crypto executives on October 22 to discuss the delayed progress of digital asset legislation and ongoing debates around decentralized finance (DeFi) regulation. As per the available market data, the private roundtable will be led by Senator Kirsten Gillibrand of New York.

Lawmakers and Industry Executives Set to Convene

Eleanor Terret posted on X that the meeting will convene senior executives of Coinbase, Ripple, Chainlink, Uniswap, Galaxy, Kraken, and Circle. As per the information provided by the host of Crypto in America Eleanor Terrett, the cast will consist of Coinbase CEO Brian Armstrong, the Chief Legal Officer of Ripple Stuart Alderoty, the co-founder of Chainlink Sergey Nazarov, the co-founder of Uniswap Hayden Adams, the CEO of Galaxy Digital Mike Novogratz, the CEO of Kraken David Ripley and the Chief Strategy Officer of Circle Dante Disparte.

The conversations will focus on the market structure and the regulation of the digital assets market. The roundtable is preceded by the escalated tensions in Washington following a leaked Democratic plan on the regulation of DeFi which caused a strong response in the industry. Armstrong had characterized the draft as being unworkable, a move that would push developers and capital to foreign countries.

New Legislative Push Following Stalled Negotiations.

The meeting follows the failure of bipartisan talks on a crypto market structure bill in early October. Neither side of the lawmakers arrived at an agreement after the leaked proposal was criticized. In the arguments presented by the industry associations, specifically the Blockchain Association and the Digital Chamber of Commerce, the framework might limit the use of decentralized applications and restrict the use of wallets within the U.S.

Reacting to this, more than twenty crypto firms, such as Chainlink, VanEck, and Binance.US, have issued a coalition letter to lawmakers, calling on them to come up with clear definitions that safeguard innovation in digital form. The next round table will provide a way to restore confidence between the government and the industry and reach an agreement on the new laws.

Senators Renew Calls for Clearer Rules

Sen. Gillibrand, a co-sponsor of the bipartisan Responsible Financial Innovation Act, will be accompanied by Senators Cory Booker, Mark Warner, and John Hickenlooper. Both have advocated the strengthening of the powers of the Commodity Futures Trading Commission to regulate digital assets, as well as establish an open regulatory framework within the crypto sector.

Though there is no imminent draft legislation, the congressional sources labeled the roundtable as an important milestone to the Democrats in their efforts to re-establish negotiations. Analysts consider the meeting a chance to establish whether the digital asset legislation can move forward during the ongoing congress session.

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