Noticing that U.S. crypto regulation progress has once again fallen into a deadlock. According to industry insiders, although the White House aims to finalize the stablecoin yield policy agreement within this week, the actual situation is far more complicated than expected. A person directly involved in the negotiations stated that this timeline is simply unrealistic, and the entire process could be delayed until the end of March or even later.

Interestingly, a government official previously told the media that the plan would be completed before March, which instead intensified doubts from all parties. The insider bluntly said: regulatory frameworks will not be rolled out so quickly. Over the past few months, the crypto industry and banking lobbying groups have had significant disagreements over stablecoin yields. The key issue is whether stablecoin holders should receive yields. Crypto companies argue that stablecoins should be able to offer yields to users, similar to U.S. Treasury bonds, while the banking system insists this would create a deposit-like structure, disrupting the competitive balance with traditional banks.

This disagreement has also affected the broader legislative process for crypto market frameworks. The insider straightforwardly said: although various draft texts are circulating, these texts differ greatly, and we are still far from passing a real bill.

Interestingly, the CEO of a well-known crypto exchange might become a key figure in breaking the deadlock. This CEO has been a strong supporter of the stablecoin yield system. Industry insiders warn that if this CEO does not participate in negotiations, the entire process will almost certainly collapse completely. However, the banking industry also wants to reach an agreement. If no compromise is found within the next month, the chances of passing the bill could drop to nearly zero.

By the way, I recently saw that a U.S. bank issued a bullish comment on Solana, which is quite rare among traditional financial institutions. These signals indicate that market attitudes toward crypto assets are gradually changing, but progress on regulation clearly still requires more time and patience.