Analysis: Crypto Market Structure Bill May Pass Within Months, Stablecoin Yield Emerges as Key Divergence Point

2026-02-10 by admin

BlockBeats News, February 10 — During the Ondo Summit in New York, former U.S. House Financial Services Committee Chairman Patrick McHenry and White House advisor Patrick Witt stated in a live broadcast that U.S. cryptocurrency legislation is accelerating, and a major bill covering crypto market structure is expected to be enacted within the coming months.

McHenry anticipates that the final version of the market structure bill could be submitted to the President for signing as early as Memorial Day. Witt revealed that after the passage of the “Genius Act,” President Trump has personally prioritized this bill.

Discussing the progress of negotiations, Witt mentioned that recent White House-led meetings on stablecoin yield issues have reached new consensus on several key topics, while also clarifying the “red lines” that remain untouchable. Current legislation is moving from principled consensus to the drafting of specific provisions, with the core goal of ensuring the bill can pass both the Senate and the House.

The stablecoin yield issue is considered the biggest point of contention at present. Witt noted that all parties have generally agreed to prohibit misleading practices, such as promoting stablecoins as FDIC-insured deposits; however, the debate centers on whether centralized exchanges should be allowed to pay passive yields on idle stablecoin balances.

McHenry emphasized that DeFi is the foundation of crypto market structure legislation—without DeFi, the relevant legislation “simply cannot function.” He pointed out that decentralization is the core reason why the crypto system outperforms traditional finance in terms of efficiency, transparency, and cost, and tokenized lending products already have significantly lower costs compared to traditional securities lending.

PANews reported on February 13th that, according to The Block, SEC Chairman Paul Atkins stated at a Senate Banking Committee hearing that prediction markets are a "huge problem" and a shared regulatory focus with Commodity Futures Trading Commission Chairman Michael Selig. Atkins pointed out that prediction markets have "potential jurisdictional overlap," currently primarily under the jurisdiction of the CFTC, but the two agencies will work together. When asked about the development of clear rules, he said "we'll have to wait and see," adding that "securities are securities, and the definition of prediction markets and their products depends on the specific wording." CFTC Chairman Selig stated that he will ensure "reasonable rules and safeguards" are in place for prediction markets to prevent them from being pushed overseas. The question of who has the right to regulate prediction markets has become a focal point of contention between federal and state governments. Operators argue that, under the Commodity Exchange Act, all event contracts should fall under the jurisdiction of the CFTC; while some states argue that these platforms involve activities such as sports betting, violating local gambling laws. Prediction markets have also recently received additional attention due to insider trading allegations and restrictive legislation targeting political betting.

BlockBeats news, on February 13, Coinbase released its fourth-quarter and full-year 2025 financial results after the U.S. stock market closed this morning. Despite the overall downturn in the crypto market, Coinbase achieved multiple historic highs, with trading volume and market share doubling, but Q4 revenue slightly missed expectations and recorded a net loss.Coinbase reported a net loss of $667 million in the fourth quarter, with a loss per share of $2.49, far exceeding analysts' expectations. Total revenue was $1.78 billion, down 5% quarter-over-quarter and approximately 22% year-over-year, falling short of market expectations of $1.83 billion to $1.85 billion. Adjusted earnings per share were $0.66, adjusted net income was $178 million, and adjusted EBITDA was $566 million.Coinbase faced pressure in the fourth quarter but delivered strong full-year performance, with total trading volume reaching $5.2 trillion, a 156% year-over-year increase, crypto trading market share doubling to approximately 6.4%, subscription and service revenue growing 23% to about $2.8 billion, Coinbase One paid subscribers nearing 1 million, and platform assets and USDC balances hitting all-time highs.Coinbase stated that it is advancing its "Everything Exchange" strategy, including derivatives expansion and stablecoin payments. Despite short-term headwinds from the bear market, Coinbase views 2025 as a strong year and remains optimistic about product innovation and market recovery in 2026.

Deep Tide TechFlow reports, on February 12, according to Bloomberg, Delaware Chancery Court Judge Kathaleen St. J. McCormick ruled on February 12, 2026, that Coinbase Global Inc.'s board must disclose deposition records related to an insider trading lawsuit against CEO Brian Armstrong, venture capitalist Marc Andreessen, and other board members. The judge rejected the defense argument that 'witnesses would be less candid if they knew their depositions might be public,' ordering the company's special litigation committee to disclose deposition records of angel investor Gokul Rajaram and the head of the internal investigation legal team, Joseph R. Slights III.