Mainstream financial institutions on Wall Street and the crypto industry have made new progress in negotiations. Recently, the two sides held closed-door discussions on the Cryptocurrency Market Structure Act, which is about to be voted on by the Senate. The key issues exposed industry divisions.

There is some consensus on regulatory exemption proposals in the DeFi sector, which is a good sign—indicating that the unique nature of decentralized finance is gradually being recognized. However, on the other hand, disagreements remain over the regulation of yield-bearing stablecoins, with both sides holding firm.

Currently, the chairman of the Senate Banking Committee has initiated a critical voting process, meaning the bill is officially counting down. The reality is in front of us: whether traditional finance and the crypto world can find a balance in this regulatory plan will be revealed soon. The market is waiting for this answer.