Crypto regulation is gaining momentum: industry representatives and traditional finance officials met with the Senate to coordinate the bill.

The crypto industry and the traditional financial sector continue to move like an unstoppable freight train along the path of legislative regulation of digital assets. The development environment for this process was the recent meeting between representatives of the Blockchain Association and the Crypto Council for Innovation with members of the U.S. Senate Banking Committee and representatives of the Financial Services Forum and the Securities Industry and Financial Markets Association.

Meeting Highlights Progress and Setbacks

According to The Block, the session lasted about an hour and a half and gathered key players from both sides of the financial market. Carla Calvert, Vice President of Public Policy, characterized the situation as ongoing legislative advancement: “The regulatory freight train is confidently moving toward the January expansion. Significant progress has been made in negotiations recently.”

Although the Senate Banking Committee initially planned to hold hearings, introduce amendments, and pass the bill by the end of the year, the scenario changed. It was officially confirmed at the beginning of the week that the review has been postponed to a new period.

Structure of the New Legislation: Key Elements

The proposed bill envisions comprehensive regulation of the crypto ecosystem through the division of jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission. An important innovation is the introduction of the term “auxiliary asset” to precisely distinguish crypto assets that do not have the status of securities.

Voices of Optimism and Practical Disagreements

Cody Carbone, CEO of the Chamber of Digital Commerce, called the meeting productive, noting: “The event reinforced confidence that despite the absence of hearings on digital assets this week, the market regulation architecture continues to develop.”

At the meeting, Senate Banking Committee Chairman Republican Tim Scott was accompanied by Democratic Senator Mark Warner. Elizabeth Warren, the committee’s leading Democrat, did not participate.

Areas of Dispute: Stablecoins and Intermediaries

Discussions touched on complex issues of distinguishing between securities and commodities, decentralized finance, and the definition of intermediaries. Particular tension arose around the discussion of stablecoins.

The banking sector raised concerns about the (GENIUS) stablecoin bill passed in the summer, pointing out gaps in the regulation of interest payments. Financial institutions are worried that the lack of restrictions on issuing interest on stablecoins could turn them into competitive tools for wealth preservation instead of simple means of payment, creating “distorted market conditions.”

Crypto companies interpret this differently, viewing the permission to pay interest as “fair competition” and a natural development of the technology.

Atmosphere: Tension Without Hostility

Carla Calvert described the atmosphere at the meeting as “tense but positive.” She emphasized: “In my opinion, no participant is trying to block the bill. This is a decisive moment.” Despite existing disagreements in views, both sides show willingness to seek compromise solutions.

Calvert added that the future law will require sacrifices from both sides: “Ultimately, some legislators will be forced to make difficult choices between competing interests.”