Senate Democrats Reconvene on Market Structure After “Constructive” Yield Talks at the White House
Senate Democrats are scheduled to meet later today to determine their positions on crypto market structure
Welcome to the Wednesday edition of the Crypto In America newsletter!
What you’ll read: Market structure discussions are coming back in a meeting between Senate Democrats this afternoon; Superstate CEO talks bringing Wall Street onchain, and this week’s top stories.
Senate Democrats are scheduled to meet later today to restart discussions on crypto market structure, as first reported by Crypto In America.
This will be one of the most crucial meetings since the Senate Banking Committee postponed its Clarity Act markup last month, which sees pro-crypto minority party members convene to confer on key issues, including ethics and DeFi, and determine their positions.
The meeting comes as Democratic lawmakers and their staff have repeatedly consulted with crypto industry representatives in the weeks since the markup was postponed.
It’s unclear whether the agenda includes stablecoin yield — a big issue, and top concern for Senator Angela Alsobrooks (D-MD), that brought the January markup to a screeching halt. Both sides described Monday’s White House meeting between the crypto and banking industries on the matter as “constructive,” and White House Crypto Council Executive Director Patrick Witt called it “fact-based and solutions-oriented,” expressing confidence the issue will be resolved.
According to some reports, the banking coalition — made up of representatives from trade groups like the Bank Policy Institute, Independent Community Bankers of America, and others — appeared reserved in the meeting, sticking to their talking points and avoiding details, while crypto delegates, representing most of the major crypto firms and trade associations, pushed to dive into specific solutions. More meetings are expected over the coming weeks.
Two sources inside the room confirmed to Crypto In America that Witt closed the meeting by urging the parties to agree to a deal by the end of the month. As we have reported before, the White House and Senate Banking Committee do not want to commit to a new markup date until outstanding issues have been dealt with.
Bringing Wall Street On Chain With Superstate
This week on the podcast, we sat down with Robert Leshner, co-founder and CEO of crypto fintech startup Superstate, to explore the future of tokenization on Wall Street.
We discussed Superstate’s $82M raise, what gets tokenized (and what doesn’t), tokenized deposits, DATs, stablecoins, DeFi, and when capital markets might fully embrace going onchain.
Leshner also shared his take on the most overhyped tokenization use cases, and how crypto’s presence is growing in traditional finance.
Watch the full episode on all platforms here.
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Midweek Recap
ICYMI: Here are some of the biggest stories making headlines this week.
President Donald Trump signed a $1.2 trillion spending package to end the partial government shutdown. The money will fund most of the federal government through September 30.
Global crypto market cap has declined roughly $500 billion in less than a week, bringing total losses to about $1.7 trillion since Bitcoin’s October peak.
Kalshi and Polymarket hosted free grocery events in New York City, and Polymarket is set to open a free grocery pop-up store for five days next week.
Crypto wallet MetaMask has integrated tokenized stocks, ETFs and commodities into its platform via a partnership with Ondo Finance.
Crypto.com unveiled its own standalone prediction markets platform.
Nevada regulators sued Coinbase Financial Markets to block it from offering event-based sports and election contracts without state gaming licenses.
President Trump said he was unaware that a member of the Abu Dhabi royal family had purchased a $500 million stake in the Trump family’s crypto project, World Liberty Financial, following a Wall Street Journal investigation.
Friday’s January jobs report will be delayed due to the partial government shutdown, according to the Bureau of Labor Statistics.
Fed Governor Stephen Miran stepped down as chair of the Council of Economic Advisers in order to stay on at the Fed.
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Fantastic breakdown of the stablecoin yield negotiations. The split dynamics at that White House meeting are interesting, crypto delegatestrying to get granular while the bank coalition stayed defensive felt pretty predictable tbh. I've seen similar committee stalls where finance incumbents play the delay game until policy gets watered down, so the February deadline is probaly more critical than it seems.