Wall Street and the crypto industry held closed-door discussions to resolve legislative differences, while DeFi and yield-based stablecoins made some progress.

SIFMA, a major Wall Street trade organization, held private meetings with representatives from the DeFi and crypto industry to discuss disagreements over the Senate's crypto market structure bill, particularly making "progress" regarding DeFi regulatory provisions. Sources say SIFMA recently opposed granting regulatory exemptions to some DeFi protocols and developers in the bill, while simultaneously working with banking lobbying groups to push for restrictions on yield-generating dollar stablecoins. The crypto industry, on the other hand, is attempting to persuade SIFMA to lower its demands to avoid undermining bipartisan negotiations. The window of opportunity is rapidly closing. Senate Banking Committee Chairman Tim Scott plans to advance the bill's consideration next week. Industry insiders generally believe that if the bill fails to secure bipartisan support at the committee stage, it will be difficult for it to reach a full Senate vote. This bill is considered key legislation for reshaping the US crypto regulatory framework, and its final outcome remains highly uncertain. (Decrypt)