Several executives from the cryptocurrency industry will attend a roundtable with pro-cryptocurrency Democratic senators on Wednesday, according to a post by Crypto In America host Eleanor Terrett on October 20. Senator Kirsten Gillibrand will lead the roundtable.
The chief executive officers (CEOs) attending the roundtable include Brian Armstrong of Coinbase, Sergey Nazarov of Chainlink, Mike Novogratz of Galaxy, Dave Ripley of Kraken, and Hayden Adams of Uniswap.
Leaders in cryptocurrency policy are also participating, including the president of the Solana Policy Institute, Kristin Smith, the CSO of Circle, Dante Disparte, the CLO of Ripple, Stuart Alderoty, the CLO of Jito, Rebecca Rettig, and the GC of a16z crypto, Miles Jennings.
This meeting comes after the stalemate in negotiations with Republicans following the repercussions and the negative reaction from the sector to a leaked Democratic proposal to regulate DeFi. Leaders in the cryptocurrency industry, such as Brian Armstrong and Jake Chervinsky, stated that the proposal would ban cryptocurrencies instead of promoting innovation.
Cryptocurrency executives are expected to discuss legislation on market structure, the regulatory framework for decentralized finance (DeFi), and the way forward for cryptocurrency policies.
The round table is crucial for the cryptocurrency market, as it takes place at a time when cryptocurrency ETFs are facing delays. While the U.S. government shutdown has entered its fourth week, the meeting comes after the U.S. SEC failed to meet the final deadline for many cryptocurrency ETFs. Among them are decisions regarding Litecoin ETFs, Solana, and XRP, the native currency of Ripple.
The delay in approvals and the prolonged government shutdown have affected investor confidence. The cryptocurrency market crash led to a loss of over 850 billion dollars, while the total market capitalization of cryptocurrencies fell to 3.5 trillion dollars. Additionally, the Cryptocurrency Fear and Greed Index shifted from greed to extreme fear in just one week.
Meanwhile, issuers are updating their applications with the Generic Listing Standards. Recently, the SEC requested issuers to withdraw their 19b-4 applications and modify their wording to comply with the new listing standards for cryptocurrency ETFs.
