Wall Street and the cryptocurrency industry have closed-door discussions on legislative differences, with "limited progress" on DeFi and yield-bearing stablecoins

The main lobbying organization on Wall Street, SIFMA, held a closed-door meeting with several representatives from the cryptocurrency industry this Thursday to discuss the core disagreements in the U.S. cryptocurrency market structure bill and made some progress on DeFi-related provisions.

Sources say that SIFMA recently opposed the regulatory exemptions granted to certain DeFi protocols and developers in the bill, while also pushing with banking lobby groups to restrict yield-bearing dollar stablecoins. The cryptocurrency industry is attempting to persuade them to lower their demands to avoid undermining the bipartisan negotiation results. The time window is rapidly closing. Senate Banking Committee Chairman Tim Scott plans to advance the bill's review next week. The industry generally believes that if bipartisan support cannot be secured at the committee stage, the bill will struggle to reach a full Senate vote. This bill is seen as key legislation to reshape the U.S. cryptocurrency regulatory framework, and its ultimate outcome remains highly uncertain.