Crypto firms like Ripple are betting on a Senate deal that is rapidly unraveling behind closed doors
Negotiations for the Senate's crypto market structure bill are stalling due to deep divides over DeFi regulation and stablecoin yield.Summary
The US crypto industry, including firms like Ripple, is urgently pushing for the passage of the "Digital Asset Market Clarity Act of 2025" (H.R. 3633) to establish federal market structure rules, which they see as essential for growth beyond state-level patchwork regulation. However, bipartisan talks have revealed significant hurdles, particularly concerning the treatment of decentralized finance (DeFi) and stablecoin yield. Democrats are demanding stringent requirements for DeFi, such as mandatory front-end sanctions compliance and new rules for non-decentralized projects, alongside stricter investor protections and a potential cap on capital raises. Furthermore, a major sticking point is the banking lobby's opposition to allowing stablecoin issuers to pass reserve asset yields to holders, which crypto firms argue is protectionist and threatens competition in payments. Crypto advocates, like Ripple executives, believe this clarity is crucial for unlocking institutional business models and maintaining US competitiveness against global regulatory frameworks like Europe's MiCA.
(Source：CryptoSlate)