The US government is entering its third week of shutdown, however, regulatory activity is not stopping. This Wednesday, a Senate Democrats’ crypto roundtable will be held with industry leaders. The goal is to discuss the stalled market structure bill. The information was highlighted by journalist Eleanor Terrett.
The meeting will be led by Senator Kirsten Gillibrand. Additionally, it will feature participation from senior executives of key firms. Among the guests are representatives from Coinbase, Kraken, Circle, and Ripple. The dialogue will focus on the proposed market structure bill. This project seeks to create a federal framework for digital assets. It is the Senate counterpart to the CLARITY Act, already passed in the House of Representatives.
This meeting takes on special relevance at a time of tension. Recently, some Democratic senators introduced a regulatory counter-proposal. That proposal received strong criticism. Experts warn that this alternative could “kill DeFi.” Therefore, Gillibrand’s roundtable is seen as an effort to maintain bipartisan momentum. A consensus is sought to avoid stifling innovation in the blockchain.
Can the crypto industry advance while the SEC is paralyzed?
The government shutdown has directly affected the sector. The Securities and Exchange Commission (SEC) is operating with limited staff. This has frozen decisions on investment products. October was a key month for 16 crypto ETFs. Deadlines for funds, like Canary’s Litecoin ETF, have passed without response. Analysts like Eric Balchunas suggest that, although some ETFs seem ready, their launch will be delayed.
Wednesday’s dialogue is a crucial move. It shows the intention to advance crypto legislation despite the fiscal chaos in Washington. The outcome of this meeting could define the tone of digital asset regulation in the US. Meanwhile, the market awaits the end of the shutdown. The reopening of the government is necessary to reactivate pending SEC approvals.
