Overview
- Treasury Secretary Scott Bessent urged Congress to pass the crypto market‑structure bill this spring, saying clear rules would give the market "great comfort" during recent volatility.
- The central holdup is whether stablecoin issuers may pay yield, with major banks pushing a blanket prohibition and the Digital Chamber circulating principles to allow narrow, activity‑based rewards.
- White House adviser Patrick Witt said "trillions" in institutional capital await clear rules and is brokering further talks, advocating a targeted fix on "idle yield" with another meeting expected next week.
- The Senate Agriculture Committee advanced the bill’s CFTC provisions, but the Banking Committee delayed markup on SEC‑related sections, leaving reconciliation and a 60‑vote Senate threshold still ahead.
- Coinbase withdrew support over proposed yield limits, splintering industry backing, as administration officials warn the window for a bipartisan deal could narrow as midterm campaigning ramps up.