White House advisor and former chairman of the House Financial Services Committee: The crypto market structure bill is expected to pass within months

According to CoinDesk, former Chairman of the U.S. House Financial Services Committee Patrick McHenry and White House advisor Patrick Witt stated at the Ondo Summit in New York that U.S. cryptocurrency legislation is accelerating, with a comprehensive cryptocurrency market structure bill expected to be passed in the coming months.

Patrick McHenry predicted that the final version may be submitted to the President for signing around Memorial Day (May 25). Patrick Witt revealed that Trump has prioritized this legislation, and the White House is pushing for negotiations between banks and crypto companies, with drafting teams exchanging drafts. Both parties noted that stablecoin yields are the biggest point of contention, with the industry reaching a consensus on banning fraudulent promotions, but differing on whether centralized exchanges can pay passive yields.

Patrick McHenry emphasized that without including DeFi, the market structure legislation would "not hold up." He pointed out that tokenized lending products have lower costs than traditional securities lending, indicating strong market demand. Regarding ethical standards, both believed that overly restricting the scope of proposals for officials' spouses is too broad, but a more precise compromise could still gain bipartisan support.

Patrick Witt stated that the White House's goal is to translate high-level principles into specific legal text and reach a final agreement that can withstand scrutiny from both the House and Senate.