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Was the Democrat DeFi Doc Leaked in 'Bad Faith'? Senator Mark Warner on a Way Forward for Market Structure

CoinDesk Podcast Network

CoinDesk

Tech News, Business News, Daily News, News

4.7698 Ratings

🗓️ 23 October 2025

⏱️ 18 minutes

🧾️ Download transcript

Summary

What's next for market structure and crypto regulation with Senator Mark Warner, D-VA. In a conversation with CoinDesk's Jennifer Sanasie and Paul Hastings Partner Renato Mariotti, Senator Mark Warner, D-VA, discusses the urgent need for market structure legislation following yesterday's separate crypto meetings with Republican and Democratic senators. Plus, he responds to the industry backlash to the Democrats' leaked DeFi proposal and explains why getting regulation right—not fast—is the priority for bipartisan progress. - This episode was hosted by Jennifer Sanasie.

Transcript

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0:00.0

I'm very optimistic that once we get folks in a room, this is, I think you're going to be surprised

0:04.8

because one thing about this, having done this a long time, it's slow, slow, slow, slow,

0:10.2

and then it moves very quickly.

0:17.6

Senator Mark Warner joins us now. Hello, Senator. Hey, Jen. Hey, Renato. Thank you for having me on and I hope you guys are doing good. Thanks for being on. Now, let's get right into it. The industry came to you to push for the House Past Market Structure Bill. There's been a little bit of back and forth. We had some discussions yesterday with the industry, as we were just speaking about with our last guest. What are some of your

0:42.6

takeaways from the discussions yesterday? Well, I think a lot of my colleagues had a pretty,

0:47.8

on the Democratic side, a pretty high level of frustration. And I think the meeting was net, net,

0:53.7

very positive. I think there was, net net, very positive.

0:55.1

I think there was, you know, one of the things we wanted to share, particularly a lot of the

1:00.0

crypto folks, you know, are relatively new to politics.

1:04.7

And the idea that, that, you know, 18 of us, and I was intimately involved in the genius bill of my eyeballs,

1:14.1

you know, kind of broke with what had been kind of the more traditional democratic view on

1:19.3

crypto and said, no, you know, this is, I'm a believer. This is a critically important industry.

1:25.0

We've got to make sure we have the vast majority of it here in

1:29.0

America and we've got to have American technology leadership. And I think, you know, while there's

1:36.0

always nitpicking after the fact, I think the genius bill has gotten so far pretty darn good reviews.

1:42.4

And what the frustration then came is, you know,

1:46.2

we went against what was the majority of the Democrats

1:49.3

in the Senate.

1:51.0

And we said, we gotta get this done.

1:52.2

And then we moved right after that to market structure.

1:57.0

And we frankly, I think we saw a little bit of bad faith

2:00.1

when some documents were leaked to the industry and the industry then without picking up the phone and saying, hey, some of this stuff on this document, and a matter of fact, I got to tell you, I had not even seen the document before it went out.

...

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