White House advisor and former chairman of the House Financial Services Committee: Crypto market structure bill expected to pass within months.
PANews reported on February 10th, citing CoinDesk, that former U.S. House Financial Services Committee Chairman Patrick McHenry and White House advisor Patrick Witt stated at the Ondo Summit in New York that U.S. cryptocurrency legislation is accelerating, and a comprehensive cryptocurrency market structure bill is expected to be passed in the coming months. McHenry predicted the final version might be submitted to the president for signature around Memorial Day. Witt revealed that Trump has prioritized this legislation, the White House is pushing for negotiations between banks and crypto companies, and the drafting teams have exchanged draft bills.
Both sides pointed out that stablecoin yields are the biggest point of contention. While the industry agrees on prohibiting fraudulent advertising, there is disagreement on whether centralized exchanges can pay passive income. Patrick McHenry emphasized that market structure legislation would be "untenable" without DeFi, noting that tokenized lending products are already cheaper than traditional securities lending, demonstrating strong market demand. Regarding ethical issues, both agreed that proposals excessively restricting officials' spouses are too broad, but a more precise compromise could still win bipartisan support. Patrick Witt stated that the White House's goal is to translate high-level principles into concrete legal texts and reach a final agreement that can withstand scrutiny from both the House and Senate.
You May Also Like
XRP Signals Imminent Breakout — Is A 10% Rally Coming?
Trump urges journalist to leave Pakistan as Iran peace talks stall
