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McHenry predicts fast crypto deal as Witt brokers talks

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McHenry predicts fast crypto deal as Witt brokers talks

Speaking on CoinDesk Live at the Ondo Summit in New York City, former House Financial Services Chair Patrick McHenry and White House advisor Patrick Witt said a sweeping crypto market structure bill could pass within months.

Latest developments: Optimism is rising across Washington and industry.

  • McHenry and Witt discussed the growing momentum for landmark crypto legislation, even as debates intensify over yield, DeFi, and ethics.
  • McHenry predicted a finalized market structure bill could reach the president’s desk by Memorial Day.
  • Witt said President Trump has personally prioritized the legislation following passage of the Genius Act.

Inside the White House push: Negotiations are narrowing.

  • Witt said a recent White House–brokered meeting on stablecoin yield surfaced “new areas of agreement” while clearly defining remaining red lines.
  • He said the administration’s goal is to move from high-level principles to drafting actual legislative language.
  • Witt emphasized his role is to broker a deal that can survive both Senate and House scrutiny.

The sticking point: Stablecoin yield is the biggest unresolved issue.

  • Witt said there is broad agreement on banning deceptive practices, including marketing stablecoins as FDIC-insured deposits.
  • The dispute centers on whether centralized exchanges should be allowed to pay passive yield on idle stablecoin balances.
  • Banks, especially community lenders, see yield as a threat to deposit funding, while crypto firms argue yield drives platform engagement.

Why DeFi matters: McHenry says it’s foundational.

  • McHenry said market structure legislation “doesn’t work without DeFi.”
  • He argued decentralization is the source of crypto’s efficiency, transparency and lower costs compared with traditional finance.
  • McHenry said tokenized lending products are already cheaper than traditional securities lending, signaling strong market demand.

The politics: Ethics concerns loom but may not block passage.

  • McHenry said ethics rules should apply permanently to all officials, not target any single administration or family.
  • Witt said some Democratic proposals would have imposed sweeping restrictions on officials’ spouses and were “grossly over-scoped.”
  • Both said a narrower ethics compromise could still unlock bipartisan support, though Republicans could move the bill forward on partisan votes if needed.

What comes next: A compressed legislative timeline.

  • Witt said drafting teams are now “trading paper” and working through specific statutory language.
  • He said the White House is pushing banks and crypto firms to negotiate in good faith.
  • McHenry said Senate action could come before Easter, setting up a rapid sprint toward final passage.

Watch CoinDesk Live from Ondo Summit here.

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BNB price surges on the heels of new report on stablecoin adoption

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BNB price surges on the heels of new report on stablecoin adoption

BNB price is rallying as BNB Chain quietly becomes the main retail rail for dollar stablecoins, turning BNB into an equity‑like bet on parallel money in crisis economies.

BNB Chain (BNB) price is quietly gaining steam as it becomes the core retail plumbing of the dollarized crypto economy. Data cited by Forbes shows that BNB Chain now handles about 40% of global stablecoin transactions by number, with 82% of transfers under $1,000 and 99% below $10,000 – a profile that looks less like a trading venue and more like a payments network for workers, merchants and remittance flows in stressed economies.

Stablecoins as parallel money on BNB

In a recent Forbes analysis on crisis economies, researcher Boaz Sobrado writes that stablecoins have “subtly emerged as alternative currencies in many developing nations,” with over 99.9% of transactions denominated in dollars and often used where “local currencies fail to provide a dependable store of value.” On BNB Chain specifically, he notes that “82% of transfers are under $1,000, and 99% are below $10,000,” adding that transactions “typically cost around $0.05” – cheaper than a bus ride to the nearest bank branch in many markets. The same piece highlights that Latin American stablecoin transactions surged ninefold from 2021 to 2024 to roughly $27 billion, underscoring how quickly these rails are becoming part of everyday economic life.

That microstructure matters at the macro level. Separate Forbes and Bloomberg data put total stablecoin transaction volume at about $33 trillion in 2025, up more than 70% year‑on‑year and now rivaling or surpassing the combined throughput of Visa and Mastercard. Crucially, volumes more than doubled while overall stablecoin supply grew less than 50%, a dynamic described as a “transition from speculation to utility” as the same stock of digital dollars turns over faster in real‑world payments.

Market structure and BNB’s role

For BNB, the token that secures and pays for activity on BNB Chain, this is turning into a structural story about fee flows and political risk, not just DeFi yields. The Forbes report quotes BNB Chain growth lead Nina describing their user base as dominated by “micro and retail” – “normies” – and notes that two‑thirds of merchant payments originate from exchange accounts, with more than half of emerging‑market users first touching crypto through Binance or OKX. That concentration effectively gives a small cluster of platforms and one chain disproportionate influence over how digitized dollars move through vulnerable economies.

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At press time, BNB trades around $645 over the past 24 hours, up roughly 3%, while Bitcoin sits near $70,400, gaining about 3.5%, and Ethereum changes hands close to $2,060 with a near‑3% daily rise, all denominated in $ and reflecting a broader bid into long‑duration, liquidity‑sensitive risk assets. As stablecoins harden into parallel currencies and BNB Chain emerges as a dominant retail rail, BNB increasingly becomes an equity‑like bet on that infrastructure – exposed not only to fee throughput and user growth, but also to the regulatory and geopolitical scrutiny that inevitably follows control over how digital dollars circulate.

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Jito Foundation Acquires SolanaFloor After Step Finance Hack Shutdown

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Jito Foundation Acquires SolanaFloor After Step Finance Hack Shutdown

The Jito Foundation has acquired SolanaFloor, a data and journalism platform covering the Solana ecosystem, and plans to relaunch the site after it shut down earlier this year following a security breach at its parent organization.

The platform went offline in February after its parent company, Step Finance, wound down operations following a treasury wallet breach. Before shutting down, SolanaFloor provided ecosystem news, research and onchain analytics tracking projects and market activity across the Solana network.

Under the deal, SolanaFloor will resume operations under the Jito Foundation and continue publishing coverage of developments across the Solana ecosystem, according to a company press release shared with Cointelegraph.

Awais Afzal, editor at SolanaFloor, said the platform’s existing editorial team has been absorbed as part of the acquisition and will remain in place following the relaunch. He told Cointelegraph that SolanaFloor’s day-to-day editorial operations will be conducted independently from the Jito Foundation.

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