Leading companies in the cryptocurrency sector are accelerating their political engagements in the United States as they await the delayed approval of cryptocurrency ETFs due to the government shutdown. Key figures from Ripple 
$1, Coinbase, Chainlink 
$9, Galaxy, Kraken, Uniswap, and Circle are scheduled to meet in Washington with Democrat senators who have shown a positive stance towards cryptocurrencies. New York Senator Kirsten Gillibrand will chair this meeting.
Cryptocurrency Sector Strengthens Political Ties
According to a post by Fox Business journalist Eleanor Terrett on October 20, the meeting will include participants such as Coinbase CEO Brian Armstrong, Chainlink founder Sergey Nazarov, and Galaxy’s Mike Novogratz, among others. Key policymakers like Solana 
$85 Policy Institute President Kristin Smith, Ripple’s legal director Stuart Alderoty, and Circle CSO Dante Disparte will also be in attendance, emphasizing the importance of this gathering.
The meeting’s agenda will focus on setting regulatory frameworks for decentralized finance, legal regulations related to market structures, and the future of cryptocurrency policies. This dialogue with Democrat senators was prompted by stalled negotiations with Republicans and the criticism of a proposed legislation that was perceived as restrictive to the decentralized finance sector. Figures like Armstrong argue that the proposed bill could stifle innovation rather than support it.
ETF Approval Delays Pressure the Market
The timing of the meeting is critical due to delays in the ETF approval processes. As the U.S. government approaches the fourth week of closure, the SEC missed crucial decision deadlines for ETFs based on altcoins like Litecoin, Solana, and XRP.
The delays have weakened investor confidence, with the total value of the cryptocurrency market dropping to $3.5 trillion, representing a drop of around $850 billion. The Crypto Fear and Greed Index provided by CoinMarketCap quickly shifted from “greed” to “extreme fear” levels. In an effort to adapt, ETF applicants are modifying the language of their 19b-4 forms to align with new General Listing Standards requested by the SEC. This process is seen as indicative of a forthcoming era of regulatory directions.
