US crypto market structure bill stalled over stablecoin yield and Trump ethics concerns

Crypto industry sources say US digital asset market structure legislation is currently stuck on two key issues: how to regulate stablecoin yield products and how to address conflict-of-interest concerns tied to President Donald Trump’s crypto activities.

Ron Hammond of Wintermute estimates the odds of sweeping crypto legislation passing in 2026 at around 25%, while other industry participants put the probability between 50% and 60%. Disagreements between banks and crypto firms over whether stablecoins should be allowed to offer rewards or yield remain the main sticking point, with banks warning of deposit outflows.

Banking and crypto representatives have recently held meetings at the White House, but negotiations remain tense. Anchorage Digital policy head Kevin Wysocki said a compromise is likely, noting banks may ultimately need a market structure bill as much as crypto firms.

Ethics questions linked to Donald Trump’s crypto ventures are adding further friction. An upcoming hearing by the Senate Banking Committee with SEC Chair Paul Atkins is expected to signal how Democrats will approach the issue.

The bill’s path forward remains uncertain after Coinbase previously withdrew support for a draft version, while the Blockchain Association said it continues working with lawmakers from both parties to advance a framework.