CoinDesk Podcast Network Patrick McHenry Says Crypto Market Structure Bill Could Pass Before Memorial Day
Feb 9, 2026
Patrick McHenry, Vice Chairman at Ondo Finance and former House Financial Services chair, discusses U.S. crypto policy momentum. He covers market-structure legislation timing, harmonizing SEC and CFTC, the central role of DeFi, tokenized real-world assets returning markets onshore, and the stablecoin yield debate. He predicts a bill could reach the president before Memorial Day.
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U.S. Onshores Tokenized Real-World Assets
- Ondo has brought global tokenized real-world assets back onshore to the U.S., boosting domestic investor access.
- Rep Patrick McHenry says this trend positions the U.S. as the emerging crypto capital of the world.
Policy Momentum Moved Faster Than Expected
- Market structure and stablecoin clarity moved faster than McHenry expected due to political prioritization.
- He credits White House and congressional action for accelerating policy change.
Harmonize Regulators For Coherent Oversight
- Harmonizing SEC and CFTC functions makes regulatory oversight more coherent for crypto.
- McHenry argues agency cooperation boosts competitiveness and benefits American markets.