As the Senate prepares for a potentially decisive vote on crypto market structure legislation, Wall Street and crypto industry players have begun private negotiations to narrow their differences.

Representatives from SIFMA, the major Wall Street trade association, and the crypto industry held a private meeting on Thursday in an effort to resolve disputes over the crypto bill, scheduled for a Senate markup next week, Decrypt reported.

Sources said that the talks yielded limited but meaningful progress on how decentralized finance would be addressed under the legislation, although major disagreements, particularly regarding stablecoins and regulatory carve-outs, remain unresolved.

With Senate leaders planning a markup next week, stakeholders now expect intense lobbying and rapid-fire negotiations in the coming days, with bipartisan support still uncertain.