White House Advisor and Former House Financial Services Committee Chairman: Crypto Market Structure Bill Could Pass Before End of May

Odaily News: During an interview with CoinDesk Live at the Ondo Summit, White House advisor Patrick McHenry and former House Financial Services Committee Chairman Patrick Witt stated that a comprehensive crypto market structure bill could pass within months. Patrick McHenry predicted that the bill is expected to be sent to the President for signing before May 25th. Patrick Witt indicated that after the passage of the Genius Act, Trump has prioritized this legislation. Currently, the White House is mediating core disagreements such as stablecoin yields. Consensus has been reached on issues like prohibiting false advertising, but disputes remain over whether centralized exchanges should be allowed to pay interest on idle stablecoin holdings. Patrick McHenry emphasized that DeFi is at the heart of the market structure legislation, and its decentralized nature is the source of cryptocurrency's efficiency and transparency. The drafting team has now entered the stage of negotiating specific legal provisions, and the Senate may take action before the Easter recess in April.