This article was first published on TurkishNY Radio.
U.S. lawmakers are still struggling to move forward with comprehensive crypto market structure legislation, as disagreements over stablecoin yield provisions continue to stall progress in the Senate.
On Monday, the White House hosted a closed-door meeting at the Eisenhower Executive Office Building, bringing together representatives from crypto exchanges, industry trade groups, and major Wall Street banks.
The discussions focused on narrowing policy differences that have delayed the bill, particularly around whether crypto platforms should be allowed to offer yield or reward programs tied to stablecoins.
People familiar with the meeting said administration officials delivered a clear message: industry participants have until the end of the month to find common ground on stablecoin yield rules if the legislation is to advance.
Administration Urges Faster Action on Crypto Market Structure Bill
The White House has repeatedly stressed that the absence of a clear federal framework for digital assets poses risks to consumers and financial markets.
Officials at Monday’s meeting emphasized that expecting a multi-trillion-dollar industry to operate without defined oversight is no longer realistic.
Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, described the meeting as productive and focused on solutions rather than ideological differences.
“Over the course of the past few months, we have achieved breakthroughs on several seemingly intractable policy issues,”
Witt said.
“I am confident we will be able to resolve this one too.”
While the meeting did not result in immediate policy alignment, participants said it reflected a shift toward more targeted negotiations rather than broad regulatory debates.
Industry Groups Call Talks a Necessary Step Forward
Crypto advocacy groups acknowledged that disagreements remain but described the White House session as a meaningful step in the legislative process.
In a memo circulated after the meeting, the Digital Chamber said both banking and crypto stakeholders reviewed existing policy proposals and identified areas where compromise may be possible.
The organization characterized the discussions as constructive despite the lack of a final agreement.
“Inaction is not an option,”
Digital Chamber President and CEO Cody Carbone said.
“We are committed to doing the hard work needed to ensure legislative progress does not punish innovators or consumers who view digital assets as part of their financial future.”
Blockchain Association CEO Summer Mersinger echoed that view, calling the meeting “an important step forward” toward delivering bipartisan market structure legislation to the President’s desk.
She noted that continued dialogue is essential to building consensus across regulators, lawmakers, and industry participants.
Stablecoins Remain the Core Policy Dispute
The debate over stablecoin yield has emerged as one of the most contentious elements of the market structure bill.
Regulators have raised concerns that yield-bearing stablecoin products could resemble bank deposits or money-market instruments, potentially requiring stricter oversight.
Industry representatives argue that clear rules rather than outright restrictions would allow platforms to offer compliant products while maintaining consumer protections.
They also warn that excessive limits could push innovation offshore as other jurisdictions finalize clearer regulatory frameworks.
The Blockchain Association said in a separate statement that consistent engagement between policymakers and industry is critical to ensuring that U.S. rules remain competitive without sacrificing oversight.
What to Expect Next
Although Monday’s meeting did not produce a formal agreement, the White House’s push for a near-term compromise suggests that negotiations are entering a decisive phase.
Any consensus reached would still need to navigate the Senate, where political divisions and legislative timing remain key challenges.
Last month, White House officials publicly urged Congress to move quickly on crypto market structure legislation, arguing that prolonged uncertainty benefits neither consumers nor regulators.
Whether the current talks result in legislative momentum remains uncertain, but the administration’s involvement signals that crypto regulation is now firmly positioned as a policy priority rather than a peripheral issue.
Summary
The White House is stepping up pressure to move long-delayed crypto regulation forward, pushing industry leaders and financial firms to settle differences over stablecoin yield rules.
A recent closed-door meeting did not deliver an agreement, but participants described the talks as constructive and focused.
Officials stressed that leaving a rapidly growing digital asset market without clear federal rules is no longer practical, signaling that regulatory action is becoming a higher priority.
Glossary of Key Terms
1. Crypto Market Structure Bill
A proposed U.S. law meant to spell out how the crypto industry should work, similar to the rules banks and stock markets already follow.
2. Stablecoin
A type of digital money designed to stay close to the value of the U.S. dollar, so it doesn’t swing up and down like other cryptocurrencies.
3. Stablecoin Yield
Extra rewards people can earn for holding or using stablecoins, much like earning interest on money kept in a bank account.
4. White House
The center of the U.S. government’s executive power, where national policies are shaped and priorities are set.
5. Crypto Exchange
An online service where people buy, sell, or trade cryptocurrencies, similar to how stock trading apps work for shares.
6. Market Structure
The basic rulebook for how a market runs, deciding who can participate, what’s allowed, and how risks are managed.
7. Regulatory Framework
A collection of official rules that guide how an industry operates, like traffic laws that help keep roads safe and organized.
8. Consumer Protection
Rules designed to keep users safe by reducing fraud, improving transparency, and making sure people understand the risks involved.
FAQs About the Crypto Market Structure Bill
What is the crypto market structure bill?
It’s a proposed U.S. law designed to set clear rules for crypto markets, including who regulates what, how exchanges operate, and how consumers are protected.
Will the bill change how stablecoins or rewards work?
Possibly. Lawmakers are debating whether exchanges should offer yield or rewards on stablecoins, which could change how some platforms structure these features.
How does this bill help with security and compliance?
The bill aims to close regulatory gaps, improve oversight, and give users clearer protections against fraud, platform failures, and unclear custody practices.
What happens next with the bill?
Talks are ongoing. The White House wants progress soon, but the bill still needs agreement in the Senate before any rules can take effect.
