Analysis: The Crypto Market Structure Act could be passed within months, with stablecoin yields being the biggest point of contention.

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 during a live broadcast that U.S. cryptocurrency legislation is accelerating, and a major bill covering crypto market structure is expected to be enacted within the next few months.

McHenry expects that the final version of the Market Structure Bill could be submitted to the President for signature as early as Memorial Day. Witt revealed that after the passage of the Genius Act, President Trump personally prioritized the 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 off-limits. The legislation is currently moving from a stage of principled consensus to drafting specific provisions, with the core goal of ensuring the bill can pass both the Senate and the House for review.

Stablecoin yield issues are considered the biggest point of disagreement at present. Witt pointed out that all parties generally agree to prohibit misleading practices, such as promoting stablecoins as insured deposits backed by the FDIC; however, 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. Without DeFi, related legislation “simply cannot operate.” He noted that decentralization is the core reason why crypto systems outperform traditional finance in terms of efficiency, transparency, and cost, and that tokenized lending products are already significantly cheaper in terms of costs compared to traditional securities lending.