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 passed in the coming months.
McHenry anticipated that the final version of the market structure bill could be submitted for presidential signature as early as Memorial Day. Witt also revealed that after the passage of the “Genius Act,” President Trump has personally prioritized the bill.
Regarding the progress of negotiations, Witt stated that a stablecoin yield issue meeting recently convened by the White House has reached a new consensus on some key issues and has also clarified the “red lines” that are still untouchable. The current legislation is transitioning from a fundamental consensus to the drafting of specific provisions, with the core goal of ensuring that the bill can pass both the Senate and the House.
The stablecoin yield matter is seen as the biggest point of contention. Witt pointed out that there is a general agreement to prohibit misleading behavior, such as promoting stablecoins as FDIC-insured deposits; however, the dispute centers on whether centralized exchanges should be allowed to offer passive yield on idle stablecoin balances.
McHenry emphasized that DeFi is the foundation of cryptocurrency market structure legislation, stating that without DeFi, the relevant 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, and that tokenized lending products have significantly lower costs compared to traditional securities lending.
