On Wednesday, a roundtable discussion saw several prominent crypto industry CEOs engage with Senate Democrats, centering on the Market Structure bill and the Democratic Party’s call for specific provisions in the GENIUS Act, which was recently signed into law by President Trump.
However, the atmosphere quickly shifted from cordial to confrontational, as reports indicated that tensions escalated during the meeting, culminating in a heated exchange between Senator Gallego and the crypto executives.
Tensions Flare Between Senator Gallego And Crypto CEOs
According to crypto reporter Eleanor Terret, the meeting commenced with a lengthy 30-minute introduction from industry leaders, where they shared “top-level highlights” they hoped to see reflected in the Market Structure bill.
The senators collectively voiced their commitment to advancing the legislation, assuring attendees that there would be “no slow walking” and recognizing that even Republican lawmakers had reservations about the current draft.
However, sources within the meeting disclosed that Senator Gallego, representing Arizona, became visibly agitated, addressing the crypto CEOs with a blunt warning:
I’m really f***ing pissed about what happened last week. Don’t be an arm of the Republican Party. They used you all and your megaphones to f*** us.
Banking Advocates Push For Stricter Stablecoin Regulations
In a related discussion, Senator Kennedy remarked during a GOP lunch that lawmakers must consider the banking industry’s concerns regarding potential changes to the market structure. “The bankers are worked up, OK? And you better take them serious as four heart attacks and a stroke,” he stated. Although Kennedy did not elaborate on the specific concerns, it is clear that banking advocates are lobbying for stricter limits on yields and rewards for stablecoins.
In response, the crypto sector has initiated a campaign to advocate for the preservation of existing laws under the GENIUS Act, highlighting the need for a balanced approach to regulation.
As dynamics continue to evolve in this heated environment, the crypto CEOs’ responses to these confrontations will be crucial in shaping the future of these legislative proposals, particularly once the government shutdown concludes.
