Key Developments in Crypto Regulation
Senate Democrats are scheduled to host a roundtable discussion with top cryptocurrency executives on October 22, 2025. This meeting is intended to focus on market structure policy and comes at a time when bipartisan efforts to establish rules for decentralized finance (DeFi) have stalled due to legislative disagreements.
The session will be led by Senator Kirsten Gillibrand. Notable attendees expected at the roundtable include Brian Armstrong, CEO of Coinbase; Sergey Nazarov, CEO of Chainlink; and Mike Novogratz, CEO of Galaxy Digital. Other industry leaders participating will be David Ripley from Kraken, Hayden Adams from Uniswap, and executives representing Circle, Ripple, Jito, a16z Crypto, and the Solana Policy Institute.
This high-profile meeting follows the recent criticism from Republicans and crypto industry figures regarding a leaked Democratic draft proposal concerning DeFi. The draft aimed to address concerns about illicit finance and arbitrage risks but was met with objections for being perceived as restrictive and lacking clarity.
Progress on broader legislative efforts has been paused by Senate Banking Chair Tim Scott, pending an agreement on a markup timeline. While the House of Representatives passed the CLARITY Act in July, further action in the Senate may be postponed until 2026.
CFTC Engages Industry Voices Amidst Oversight Debate
The ongoing legislative discussions are centered on a proposal to divide cryptocurrency oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This division aims to establish clearer classifications for digital assets, with Republican-supported language proposing that non-security tokens be designated as "ancillary assets" under CFTC jurisdiction.
In an effort to navigate the current regulatory uncertainty, the CFTC appointed several industry professionals to advisory roles in October. These appointments include Katherine Minarik from Uniswap and Ben Sherwin from Chainlink, who are expected to contribute to the development of digital asset policy.
Stakeholders within the cryptocurrency industry are continuing to advocate for regulatory clarity, as the United States' approach to crypto regulation appears to be falling behind international developments. Analysts have cautioned that further delays in legislative action could push significant reform efforts beyond the 2026 midterm elections.
The outcomes of the upcoming roundtable are anticipated to influence the next steps in cryptocurrency legislation. It is also possible that additional participants may be invited to join the discussions as they progress.