Brian Armstrong, Sergey Nazarov, Mike Novogratz and others will attend the roundtable led by Senator Kirsten Gillibrand.
Lawmakers remain split on SEC and CFTC jurisdiction, with leaked Democratic DeFi plans drawing industry criticism.
TD Cowen analysts warn legislative delays may extend past midterms despite ongoing regulatory and advisory efforts.
A closed-door roundtable between Senate Democrats and leading crypto executives is set for Wednesday, one of the most direct engagements between policymakers and digital asset firms this year.
Journalist Eleanor Terrett reported that the meeting will be led by Senator Kirsten Gillibrand and will focus on stalled efforts to advance federal crypto market structure rules. The discussion comes as bipartisan negotiations have struggled to move forward, leaving regulatory gaps and rising industry pressure for clarity. The timing also places the talks against concerns that legislative progress could slip past next year’s midterm elections.
Industry Attendance and Senate Impasse
Executives from major firms are expected, including Brian Armstrong of Coinbase, Sergey Nazarov of Chainlink, Mike Novogratz of Galaxy Digital, and David Ripley of Kraken. Also listed are Hayden Adams of Uniswap, Dante Disparte of Circle, Stuart Alderoty of Ripple, Rebecca Rettig of Jito, Miles Jennings of a16z Crypto, and Kristin Smith of the Solana Policy Institute. Terrett noted that more participants may be added.
This session comes as Senate Republicans and Democrats remain divided on how to structure federal oversight. Republican lawmakers have pushed a plan that splits authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission while introducing the term “ancillary assets” to identify tokens outside securities laws. However, a six-page Democratic draft focused on DeFi-related compliance leaked earlier and drew criticism from both GOP members and industry figures.
Legislative Delay and Regulatory Pressure
Analysts at TD Cowen recently warned that progress on a broader market structure bill may not occur before the midterm cycle. They pointed out that while the Genius Act moved quickly through Congress on AI oversight, crypto legislation remains gridlocked.
The House advanced its own framework through measures like FIT21, yet the Senate has not matched that pace. The delay has increased concern among companies seeking clearer rules after multiple enforcement actions.
The meeting builds on Gillibrand’s earlier work with Senator Cynthia Lummis on the Responsible Financial Innovation Act. She has continued to argue for defined jurisdiction and standards that address both innovation and oversight. Her involvement signals sustained interest among some Democrats in reopening negotiations that have stalled in recent months.
Regulatory Engagement Beyond Congress
Alongside the congressional efforts, regulators have moved to involve industry leaders in advisory work. Last month, the Commodity Futures Trading Commission added new members to its Global Markets Advisory Committee and Digital Asset Markets Subcommittee. Those appointments included representatives from Uniswap Labs, Aptos Labs, Chainlink Labs, BNY, and other institutions.
In addition, scrutiny of international involvement in the U.S. crypto sector has increased. Congressman Zachary Nunn recently urged the Treasury Department to conduct a national security review of Chinese firms Bitmain and Cango, citing their expanding footprint in domestic mining operations.
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