The U.S. Senate is making significant strides towards passing cryptocurrency market regulation legislation by Thanksgiving, with bipartisan agreement on most key points expected soon. While the final details are still being hammered out, lawmakers are focusing on nuanced regulations for decentralized finance (DeFi) and stablecoin consumer protections. Coinbase CEO Brian Armstrong believes this legislation will be a pivotal moment in crypto regulation, market stability, and innovation in the U.S., urging regulators to focus on regulating centralized entities rather than protocols themselves. 90% of the framework has already been agreed upon, with the remaining issues centered around DeFi. However, banking industry lobbyists are pushing back against the GENIUS Act, raising concerns about loopholes that might allow interest payments to stablecoin holders through exchanges. This resistance is further fueling ongoing debates about how to best regulate stablecoins within a growing crypto financial ecosystem.