Senior cryptocurrency executives met with key U.S. senators from both parties on October 22, 2025, to renew their call for swift passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act, a landmark bill that could finally establish a clear federal framework for digital assets.
The closed-door meetings brought together executives from Coinbase, Chainlink, Kraken, and Uniswap, who held discussions with senior lawmakers including Senate Majority Leader Chuck Schumer and Senate Banking Committee Chairman Tim Scott. The gatherings aimed to restart momentum for the legislation, which passed the House in 2024 but has since stalled in the Senate amid partisan disagreements.
Crypto Industry Warns of U.S. Falling Behind
Executives emphasized the urgency of legislative action, arguing that the United States risks losing its competitive edge as Europe and Latin America advance with comprehensive crypto regulations.
At the center of the FIT21 proposal is a long-awaited solution to one of crypto’s biggest regulatory dilemmas, determining which digital assets qualify as commodities under the Commodity Futures Trading Commission (CFTC) and which fall under securities laws governed by the Securities and Exchange Commission (SEC).
Coinbase representatives reportedly told senators that without clear rules, innovation and capital will continue flowing overseas. “The U.S. remains a global leader in finance and technology, but we’re operating under outdated laws written before blockchain existed,” one executive said following the session.
Political Gridlock Slows Progress
Despite strong interest from both sides of the aisle, progress remains slow. Lawmakers continue to trade blame over sticking points, particularly around how decentralized finance (DeFi) and self-custody platforms should be regulated. While some senators favor lighter-touch oversight to encourage innovation, others are pressing for stricter compliance standards to prevent illicit finance.
Sergey Nazarov chopping it up with the Senate Democrats in Washington DC today 👀
Is that Chuck Schumer? 😅 $LINK https://t.co/ScvA640BBR pic.twitter.com/HZOA8AONaF
— wahndo (@Wahndo_) October 22, 2025
Sources familiar with the meetings described the tone as “constructive but cautious.” While Senator Schumer and Chairman Scott reaffirmed their commitment to advancing the bill, attendees said there is no clear timeline for a floor vote. Several executives expressed frustration afterward, warning that a delay until 2026 could further stall U.S. progress in shaping digital asset regulation.
Trump Administration Signals Strong Backing
The Trump administration’s pro-crypto stance has injected new energy into the FIT21 debate. Officials have privately indicated that the White House views digital asset regulation as a national priority, aligning with the administration’s broader push to modernize financial infrastructure and attract blockchain innovation to U.S. markets.
The administration’s support is expected to play a pivotal role in breaking the Senate deadlock, with several Republican and moderate Democratic senators now working on amendments that could secure bipartisan passage.
The Road Ahead
While the industry remains hopeful, the path forward for FIT21 is uncertain. Political divisions, particularly over DeFi oversight and consumer protection, continue to cloud the timeline. Still, executives left Washington optimistic that 2025 could mark a turning point if the Senate acts decisively.
If passed, the FIT21 Act would become the most comprehensive digital asset legislation in U.S. history, laying the foundation for long-term regulatory clarity and restoring investor confidence in one of the world’s fastest-growing financial sectors.