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Analysis: Crypto Market Structure Bill May Pass Within Months, Stablecoin Yields Remain the Biggest Point of Disagreement

Analysis: Crypto Market Structure Bill May Pass Within Months, Stablecoin Yields Remain the Biggest Point of Disagreement

BlockBeatsBlockBeats2026/02/09 23:55
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BlockBeats News, February 10, during the Ondo Summit held in New York, former Chairman of the U.S. House Financial Services Committee Patrick McHenry and White House advisor Patrick Witt stated in a live broadcast that U.S. cryptocurrency legislation is accelerating, and a major bill covering the structure of the crypto market is expected to be completed within the next few months.


McHenry expects that the final version of the market structure bill could be submitted for the president's signature as early as Memorial Day. Witt revealed that after the passage of the "Genius Act," President Trump has personally prioritized this bill.


Regarding the progress of negotiations, Witt said that a recent White House-led meeting on stablecoin yield issues has reached new consensus on some key topics, while also clarifying "red lines" that remain untouchable. The current legislation is moving from a stage of principled consensus to the drafting of specific provisions, with the core goal of ensuring the bill can pass both the Senate and the House of Representatives.


The issue of stablecoin yields is considered the biggest point of contention at present. Witt pointed out that all parties have generally agreed to prohibit misleading practices, such as promoting stablecoins as deposits insured by the FDIC; however, the controversy centers on whether centralized exchanges should be allowed to pay passive yields on idle stablecoin balances.


McHenry emphasized that DeFi is the foundation of crypto market structure legislation, and without DeFi, such legislation "simply cannot function." He noted that decentralization is the core reason why the crypto system outperforms traditional finance in terms of efficiency, transparency, and cost, and that tokenized lending products already have significantly lower costs than traditional securities lending.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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