US cryptocurrency market structure talks stall after leak of Democratic DeFi proposal

Negotiations between US Senate Republicans and Democrats on cryptocurrency market structure legislation have stalled after Democrats presented Republicans with a new proposal to regulate DeFi, sparking strong opposition within the industry. Republicans, frustrated by their Democratic colleagues' continued disagreement on DeFi, have provided little substantive feedback on the discussion draft. Despite "productive discussions" in recent weeks, Republicans informed Democrats on Wednesday that negotiations are now suspended until a revised date is agreed upon—Banking Committee leaders had originally planned for September 30th.