U.S. Senate Democrats are set to meet with leading crypto executives this week to discuss the stalled market structure legislation crucial for regulating the crypto sector. Despite initial optimism, the bill's progress has been hampered by contentious negotiations and political delays, prompting industry leaders to advocate for open communication and bipartisan support to advance the legislation.

The U.S. Senate has moved closer to final approval of the GENIUS Act, which aims to regulate stablecoin issuers, passing a significant vote with bipartisan support. Concurrently, the House of Representatives is advancing the Digital Asset Market Clarity Act, establishing a framework for crypto market oversight. Both legislative efforts signify a major shift in U.S. crypto policy, addressing the need for regulation amidst growing market activity.

Senators Elizabeth Warren and Richard Blumenthal have questioned Meta about its stablecoin plans ahead of a key Senate vote on the GENIUS Act. The lawmakers are concerned about potential privacy issues and whether Meta has lobbied for the bill, specifically regarding restrictions on Big Tech firms owning stablecoin issuers. The letter also references Meta's troubled history with its previous stablecoin initiative, Libra.

Twelve Senate Democrats are urging their Republican counterparts to establish a bipartisan authorship process for crypto market structure legislation, emphasizing collaboration rather than merely commenting on a GOP-drafted bill. They are advocating for a more significant role in shaping the legislation and closer coordination with the Senate Agriculture Committee.

The U.S. Senate Finance Committee is set to hold a hearing on Oct. 1 to discuss the taxation of crypto assets, featuring testimony from industry experts including Coinbase's Lawrence Zlatkin. The hearing aims to address ongoing debates about the current tax code's impact on innovation in the cryptocurrency space.

A Senate Commerce Committee bill aimed at combating robocalls has advanced, proposing stricter regulations and empowering the FCC to impose penalties on violators. The legislation seeks to enhance consumer protections and reduce the overwhelming number of unwanted calls affecting Americans. Lawmakers emphasize the need for swift action to address this persistent issue.

U.S. Senators Bill Hagerty and Kirsten Gillibrand are optimistic that the "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS) Act could pass the Senate next week, despite recent objections from Democrats regarding consumer protection and corporate involvement. The bill aims to establish a regulatory framework for stablecoins, with ongoing negotiations expected to address concerns raised by lawmakers.