The shutdown could stall progress on the crypto market structure bill, but lawmakers continue to insist that the legislation is on track.
Deliberations over the crypto market structure bill between industry executives and US lawmakers hit a fever pitch on Wednesday in a tense meeting, following a leaked proposal from Democrats to impose permissioned requirements on the decentralized finance (DeFi) sector.
Democratic senators accused industry executives of acting as an extension of the Republican Party after a leaked Democratic proposal mandating know-your-customer and anti-money laundering regulations on DeFi caused a public outcry, according to Eleanor Terrett, who cited sources at Wednesday’s meeting.
The lawmakers reportedly warned industry representatives that continued public outcry over the bill, or specific provisions in the proposed legislation, would slow down the progress of passing regulations into law.