The closed-door meeting held in the US Senate between Democratic senators and prominent figures in the crypto industry was the scene of controversial moments.
According to sources who attended the meeting, the meeting began with approximately 30 minutes of introductory speeches from industry leaders, who presented their expectations for the bill.
However, tensions rose as the meeting progressed. Senators sternly warned crypto representatives not to act as “an extension” of the Republican Party. Democrats said that “trust has been damaged” by the leak of the DeFi regulation draft in recent weeks, and that aggressive public statements would “set back” the legislative process.
According to sources present at the meeting, the atmosphere became quite tense at times. Arizona Senator Ruben Gallego reportedly told crypto executives, “I'm really angry about what happened last week. Don't be an arm of the Republican Party. They used you and your megaphones to hurt us.”
Democratic senators rejected claims that negotiations were slow and expressed their determination to finalize a bill. Republican senators also reportedly had some reservations about the current bill.
Senate Minority Leader Chuck Schumer also reportedly attended the meeting, which was organized by Democratic Senator Kirsten Gillibrand to revive stalled negotiations on crypto regulations.
*This is not investment advice.
