**February 10th Update** At the Ondo Summit in New York, former U.S. House Financial Services Committee Chair Patrick McHenry and White House advisor Patrick Witt said during a live broadcast that U.S. cryptocurrency legislation is accelerating — with a landmark market structure bill expected to pass in the coming months. McHenry projected the final version could reach the president’s desk for signature as early as Memorial Day. Witt added that since the *Genius Act* passed, former President Trump has made this crypto bill a personal priority. On negotiations: A recent White House meeting on stablecoin yields reached new consensus on key issues and clarified still-inviolable “red lines.” The legislation is now shifting from building basic consensus to drafting specific provisions, with the central goal of clearing both the Senate and House. Stablecoin yields remain the biggest sticking point. Witt noted there’s broad agreement to ban misleading claims (e.g., framing stablecoins as FDIC-insured deposits), but the dispute hinges on whether centralized exchanges can offer passive yields on idle stablecoin balances. McHenry stressed DeFi is the backbone of crypto market structure legislation — “without it, the bill simply won’t work.” He cited decentralization as the reason crypto systems outperform traditional finance in efficiency, transparency, and cost-effectiveness, adding tokenized lending products cost far less than traditional securities lending.
