Speaking on CoinDesk Live at the Ondo Summit in New York City, former House Financial Services Chair Patrick McHenry and White House advisor Patrick Witt said a sweeping crypto market structure bill could pass within months.

Latest developments: Optimism is rising across Washington and industry.

• McHenry and Witt discussed the growing momentum for landmark crypto legislation, even as debates intensify over yield, DeFi, and ethics.
• McHenry predicted a finalized market structure bill could reach the president’s desk by Memorial Day.
• Witt said President Trump has personally prioritized the legislation following passage of the Genius Act.

Inside the White House push: Negotiations are narrowing.

• Witt said a recent White House–brokered meeting on stablecoin yield surfaced “new areas of agreement” while clearly defining remaining red lines.
• He said the administration’s goal is to move from high-level principles to drafting actual legislative language.
• Witt emphasized his role is to broker a deal that can survive both Senate and House scrutiny.

The sticking point: Stablecoin yield is the biggest unresolved issue.

• Witt said there is broad agreement on banning deceptive practices, including marketing stablecoins as FDIC-insured deposits.
• The dispute centers on whether centralized exchanges should be allowed to pay passive yield on idle stablecoin balances.
• Banks, especially community lenders, see yield as a threat to deposit funding, while crypto firms argue yield drives platform engagement.

Why DeFi matters: McHenry says it’s foundational.

• McHenry said market structure legislation “doesn’t work without DeFi.”
• He argued decentralization is the source of crypto’s efficiency, transparency and lower costs compared with traditional finance.
• McHenry said tokenized lending products are already cheaper than traditional securities lending, signaling strong market demand.

The politics: Ethics concerns loom but may not block passage.

• McHenry said ethics rules should apply permanently to all officials, not target any single administration or family.
• Witt said some Democratic proposals would have imposed sweeping restrictions on officials’ spouses and were “grossly over-scoped.”
• Both said a narrower ethics compromise could still unlock bipartisan support, though Republicans could move the bill forward on partisan votes if needed.

What comes next: A compressed legislative timeline.

• Witt said drafting teams are now “trading paper” and working through specific statutory language.
• He said the White House is pushing banks and crypto firms to negotiate in good faith.
• McHenry said Senate action could come before Easter, setting up a rapid sprint toward final passage.

Watch CoinDesk Live from Ondo Summit here.