A tense closed-door meeting between Senate Democrats and crypto executives erupted into frustration and accusations after the leak of a draft market structure proposal seen as a de facto DeFi ban. NLW breaks down what went wrong in the meeting, why trust between Democrats and the crypto industry is fraying, and how the stalled bill could slip past year-end. Plus, new GOP efforts to modernize financial crime reporting laws, the banking lobby’s fight against stablecoin interest, and Standard Chartered’s bearish short-term Bitcoin call.

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