Analysis: Cryptocurrency Market Structure Bill Could Pass Within Months, Stablecoin Yield Becomes Major Sticking Point

BlockBeats News, February 10th - 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, with a heavyweight bill covering the crypto market structure expected to be enacted in the coming months.

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

Regarding the negotiation progress, Witt stated that the recent White House-led stablecoin revenue issue meeting has reached a new consensus on some key issues while also clearly defining the "red lines" that must not be crossed. The current legislation is moving from a fundamental consensus to the drafting of specific clauses, with the core goal of ensuring that the bill can pass both Senate and House scrutiny.

The stablecoin revenue issue is considered the current major point of contention. Witt pointed out that parties have generally agreed to prohibit misleading behaviors, such as promoting stablecoins as FDIC-insured deposits; however, the debate focuses on whether centralized exchanges should be allowed to offer passive income on idle stablecoin balances.

McHenry emphasized that DeFi is the foundation of cryptocurrency market structure legislation, stating that without DeFi, the related legislation "simply cannot function." He noted that decentralization is the core reason why the crypto system is more efficient, transparent, and cost-effective than traditional finance, with tokenized lending products significantly cheaper in cost compared to traditional securities lending.