Washington momentum builds for crypto legislation
Speaking at the Ondo Summit in New York, former House Financial Services Committee Chair Patrick McHenry and White House advisor Patrick Witt shared some interesting updates. They both seem to think a comprehensive crypto market structure bill might actually get through Congress in the coming months. That’s faster than many people expected, honestly.
I think what’s happening is that negotiations are narrowing down to the real sticking points. The optimism in Washington feels different this time around. Industry folks are noticing it too—there’s less of that usual gridlock feeling.
The stablecoin yield question
But here’s the thing that’s still hanging everyone up: stablecoin yield. That’s apparently the biggest unresolved issue right now. How do you handle stablecoins that generate yield? Should they be treated differently? These questions are slowing things down, but maybe not stopping them entirely.
McHenry made a point about DeFi that stuck with me. He called it “foundational.” Not just important, but foundational. That’s a pretty strong word from someone who’s been in the middle of these debates for years.
Political hurdles and timeline
There are some ethics concerns floating around, sure. Those always come up with financial legislation. But the feeling I get from their comments is that these concerns probably won’t block passage. They might just add some extra steps to the process.
The timeline they’re talking about is compressed. Months, not years. That’s what makes this interesting—if they’re right, we could see actual movement before the end of the current session.
What happens next? Well, the negotiations continue. The stablecoin yield issue needs some kind of resolution. And everyone’s watching to see if this optimism in Washington translates to actual votes.
It’s worth remembering that predictions in politics can be tricky. Things change quickly. But the fact that both a former House chair and a White House advisor are saying similar things at the same event—that means something. Maybe this time will be different.
You can watch the full discussion from the Ondo Summit on CoinDesk Live if you want to hear their exact words. Sometimes the tone matters as much as the content in these situations.
