A significant number of U.S. Senate Democrats are demonstrating their readiness to support a crypto market structure bill, indicating that this initiative is gaining momentum. They conveyed this during a meeting with several crypto CEOs on Wednesday, focused on advancing U.S. crypto regulation.
Digital asset industry leaders had two meetings scheduled for the day, the first to discuss next steps with Democrats, whose votes are essential to meet the Senate’s 60-vote threshold for any bill. The second meeting involved meetings with Republican lawmakers, who have been promoting a draft bill in response to the House of Representatives’ Digital Asset Market Clarity Act.
“There’s clear Democratic support,” stated Chainlink CEO and co-founder Sergey Nazarov in a statement. He noted attendance from more than 10 lawmakers, “all very committed to investing their time and effort in making the bill a success.”
Increasing tension has been observed between the parties and within crypto circles as the opportunity for Senate action diminishes for 2025. Recent leaks of Democratic proposals regarding decentralized finance (DeFi) have raised concerns in the industry, with some regarding them as detrimental to market structure negotiations.
Participants reported that the meeting included some pointed discussions about these tensions, but they believe that the policy differences are likely manageable.
“I think that friction is transitory and will resolve soon,” Nazarov remarked.
Kristin Smith, president of the Solana Policy Institute, mentioned that the meetings have “reset the conversation,” but emphasized the need to enhance lawmakers’ understanding to effectively draft the legislation.
The meeting was reportedly led by Senator Kirsten Gillibrand, a New York Democrat who has long advocated for customized crypto regulations. Nazarov indicated that the Democrats displayed a strong interest in addressing illicit finance issues in the proposed legislation.
Following the Republican meeting, a spokesperson for Senator Tim Scott, chair of the Senate Banking Committee, issued a statement urging Democratic colleagues to promptly resume negotiations and engage in meaningful bipartisan discussions.
With both parties and industry representatives back at the negotiation table, crypto leaders are optimistic about reigniting progress. Coinbase CEO Brian Armstrong, who was scheduled to attend both meetings, expressed eagerness to collaborate with key decision-makers to advance the bill.
After the initial meeting, he reiterated the industry’s commitment to pressing for legislative action and mentioned a campaign to gather support.
Despite ongoing challenges, several hurdles remain before the bill can advance. The Senate Banking and Agriculture committees need to present a unified proposal, with only the Banking Committee having produced a draft so far. Should the Senate approve a bill, it must return to the House for a vote before reaching the president for signing.
Crypto legislation has seen positive momentum in Congress, demonstrated by bipartisan efforts to regulate stablecoin issuers and the House’s Clarity Act. However, the process must be finalized to secure a vote.
“It’s beneficial for everyone involved to see the bill pass — to gain acceptance for the digital asset community from the U.S. government,” Nazarov stated.
While the bill is a key priority, Smith mentioned that failing to pass it this year is not the end.
“Not all is lost if we don’t accomplish this in the short term,” she remarked, pointing to ongoing policy initiatives at the Securities and Exchange Commission and the Commodity Futures Trading Commission, with both agencies actively pursuing crypto policy development without awaiting new congressional authority. “There’s tangible progress and clarity that I believe will ultimately be enduring.”
UPDATE (October 22, 2025, 20:12 UTC): Added comment from Senator Tim Scott’s office.
UPDATE (October 22, 2025, 21:06 UTC): Added comments from Kristin Smith at the Solana Policy Institute.
