Crypto Leaders Press Senate Ahead of January Market Bill Talks

• Crypto firms and banks met Senator Tim Scott to align positions on a crypto market structure bill ahead of January talks.
• Lawmakers revisited DeFi definitions, developer protections and stablecoin yield limits, but left key issues unresolved.
• Senate committees plan to resume negotiations after recess, with a possible markup in January or early 2026.

Crypto executives and financial sector leaders met Senator Tim Scott in Washington on Wednesday to press ahead on a crypto market structure bill before Congress paused talks. The closed-door meeting brought together Coinbase, Ripple, a16z and others to clarify positions ahead of January negotiations. Lawmakers used the session to review unresolved issues and map next steps.

Industry and Lawmakers Meet Before Senate Break

According to attendees, Senator Tim Scott, chair of the Senate Banking Committee, hosted the meeting on Capitol Hill on Wednesday. Participants included Coinbase, Kraken, Ripple, a16z, Chainlink, and advocacy groups such as the Blockchain Association and DeFi Education Fund. Notably, Goldman Sachs, BNY, and SIFMA also attended alongside Democratic lawmakers.

Kara Calvert, Coinbase’s vice president for U.S. policy, said the discussion showed bipartisan momentum. She said participants focused on reaching a markup and identifying compromise areas. However, no policy decisions emerged during the session, according to multiple attendees.

Scott said in a statement that senators continue working through the bill text carefully. The meeting served as the final industry-wide discussion in 2025, according to participants familiar with the talks.

Key Policy Issues Remain Unresolved

Lawmakers revisited unresolved questions around decentralized finance and developer protections. Attendees said DeFi groups again raised concerns about how the bill defines intermediaries.

However, senators did not signal changes during the meeting. Negotiators also discussed proposals from Democrats to restrict senior officials’ personal industry ties. That provision targets President Donald Trump, according to attendees.

Meanwhile, stablecoin provisions resurfaced, with banking groups criticizing the GENIUS Act’s yield restrictions. Crypto representatives responded that yield products already exist in regulated markets. Still, they acknowledged that compromise remains necessary to advance the bill.

January Timeline Takes Shape

Although industry leaders hoped for a committee markup before year-end, Senate officials confirmed delays. The Banking Committee and Senate Agriculture Committee will now revisit the bill after the recess. Notably, lawmakers face a late-January budget deadline that could complicate scheduling.

According to Cody Carbone of the Digital Chamber, the talks reinforced commitment across party lines. Participants said discussions now point toward a markup in January or early 2026.