Senior crypto industry executives will meet with Senate Democrats on October 22, 2025 to discuss the stalled bipartisan market structure legislation, following industry backlash over a leaked Democratic DeFi proposal. The meeting will be led by Democratic Senator Kirstin Gillibrand.
According to an X post by journalist Eleanor Terrett, the roundtable will be attended by Coinbase’s CEO Brian Armstrong, Chainlink CEO Sergey Nazarov, Galaxy CEO Mike Novogratz, Kraken CEO David Ripley, Uniswap CEO Hayden Adams, Solana Policy Institute President Kristin Smith, Circle CSO Dante Disparte, Ripple CLO Stuart Alderoty, Jito CLO Rebecca Rettig, and a16z Crypto GC Miles Jennings.
Terrett further added, “I’m told others may be added to the list.”
The leaked DeFi proposal
The discussion comes after the October 9, 2025 leak of a Democratic legislative proposal that imposes Know Your Customer (KYC) mandates on decentralized finance (DeFi) frontends and creates a “restricted list” for protocols. It also removes legal protections for developers who make blockchain software, making them more likely to be sued or arrested.
The proposal drew significant criticism from industry leaders like Coinbase’s Brian Armstrong, who called it unviable and warned it could stifle U.S. innovation.Â
Uniswap’s Founder Hayden Adams also echoed similar concerns that the Democratic counterproposal could “kill DeFi in the U.S.”
Critics overall hailed the move as one that could hurt bipartisan efforts, like the CLARITY Act that the House of Representatives passed in July for clear and fair crypto rules. The collective sentiment has been that the provisions would cripple the industry rather than providing a balanced framework.
Market implications and the path ahead
The leaked Democratic proposal contrasts sharply with Republican legislative drafts that include more favorable provisions for blockchain developers. Republican negotiators have reportedly paused discussions over concerns about regulatory overreach in the Democratic proposal.
The October 22 meeting represents Democrats’ effort to reconcile industry concerns and advance stalled negotiations over key regulatory issues, including the division of oversight responsibilities between the SEC and CFTC, as well as federal stablecoin regulations.
It also comes amid the U.S. President Donald Trump’s administration has signaling support for cryptocurrency-friendly policies, though specific legislative proposals from the administration remain unclear.
The outcome of the meeting could determine whether comprehensive crypto market structure legislation advances before the end of 2025 or faces delays into 2026.
Also Read: Coinbase CEO and Industry Leaders Slam Senate Democrats’ DeFi Proposal
