Analysis: The crypto market structure bill may be passed within months, with stablecoin yields becoming the biggest point of contention.

On February 10th, during the Ondo Summit in New York, former U.S. House Financial Services Committee Chairman 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 enacted within the next few months. McHenry predicts 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 this bill. Regarding the progress of negotiations, Witt stated that the recent White House-led meeting on stablecoin yields has reached new consensus on some key issues, while also clarifying the "red lines" that remain inviolable. The current legislation is moving from a consensus on principles to the drafting of specific provisions, with the core objective of ensuring the bill passes both the Senate and the House of Representatives simultaneously. The issue of stablecoin yields is considered the biggest point of contention at present. Witt points out that there is a general agreement to prohibit misleading practices, such as promoting stablecoins as FDIC-insured deposits; however, the controversy centers on whether centralized exchanges should be allowed to pay passive returns on idle stablecoin balances. McHenry emphasizes that DeFi is the foundation of crypto market legislation; without DeFi, related legislation "simply cannot function." He points out that decentralization is the core reason why the crypto system is superior to traditional finance in terms of efficiency, transparency, and cost, and that tokenized lending products are already significantly cheaper than traditional securities lending.