Ripple, Coinbase, Chainlink and other Crypto Execs to Meet US Lawmakers

Top crypto CEOs are set to meet with the pro-crypto Senate lawmakers to discuss the regulation of the industry. Crypto journalist Eleanor Terret broke the news on X, noting that the meeting will happen on Wednesday.

According to Terret, the roundtable will focus on how to progress with the market structure legislation. The bill is currently stuck in the senate.

Coinbase, Kraken, and Chainlink CEOs Among Attendees

Several crypto executives including Coinbase CEO Brian Armstrong, Chainlink CEO Sergey Nazarov and Galaxy CEO Mike Novogratz will attend. Other CEOs attending include  Kraken David Ripley and Uniswap Hayden Adams.

However, other C-suite executives including Solana Institute Policy President Kristin Smith, and a16z crypto General Counsel miles Jennings will also attend. Chief Legal Officers of Ripple and Jito,  Stuart Alderoty and Rebecca Rettig as well as Circle chief strategy Officer Dante Disparte have also been confirmed. Terret added that other executives could also attend the meeting.

While the reason for the meeting remains unknown, it is likely to discuss crypto legislation, particularly the Market Structure Bill. Senator Kirsten Gillibrand will lead the pro crypto Senate Democrats for the roundtable.

The senator representing New York is a big supporter of crypto. She is one of the co-sponsors for the bipartisan Responsible Financial Innovation Act with Senator Cynthia Lummis.

The outcome of the meeting could determine whether the Market Structure Bill will finally pass this year.  Discussions over the legislation has slowed with legislators across both parties failing to reach consensus on its direction.

Democrats and Republican Senators in Deadlock Over Market Structure Bill

The market structure legislation is currently in the Senate where members of the Senate Banking Committee are deciding on how to progress. While the bill has already scaled through the House, deliberations in the Senate threatens to derail the progress.

Republicans have proposed that the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission should share jurisdiction of the industry. They claim that they are waiting for the Democrats to agree to a date for debating the bill.

However, the Democrats recently proposed that that DeFi should be regulated to prevent illicit activity. The proposal designates financial regulators including the Treasury Department to determine which protocol is decentralized enough among other provisions.

The Democrats proposal has attracted criticisms and backlash from the crypto industry with many noting that it would make DeFi impossible. Republicans also criticized the proposals, noting that it is not a good faith offer.

With differences between the two parties on how to proceed with the legislation, analysts believe a decision might have to wait. TD Cowen reserchers noted recently that the objections represents temporary obstacles that could delay the bill until after mid-term elections.

Nevertheless, many believe that the legislation will eventually pass given the pro-crypto enviroment in the US. Pro-crypto policies from regulators continue to happen even with the limited regulatory clarity. In one instance, the Office of Comptroller of Currency (OCC) gave conditional approval for a bank charter to crypto-focused bank Erebor.