McHenry predicts fast crypto deal as Witt brokers talks

Speaking at the Ondo Summit, former House Financial Services Chair Patrick McHenry and White House advisor Patrick Witt expressed optimism that a comprehensive crypto market structure bill could be finalized and reach the President's desk by Memorial Day. Witt noted that White House-brokered talks on stablecoin yield have uncovered new areas of agreement, though the primary sticking point remains whether centralized exchanges should be allowed to pay passive yield on idle stablecoin balances, which banks view as a threat to deposits. McHenry stressed that the legislation is foundational and "doesn't work without DeFi," emphasizing decentralization as key to crypto's efficiency. While ethics concerns exist, both suggested a narrower compromise could secure bipartisan support, though Republicans are prepared to move the bill forward unilaterally if necessary, with Senate action potentially occurring before Easter.

(Source：CoinDesk)