The ongoing reluctance of the United States to regulate cryptocurrencies can only be frustrating. The logic in Washington has always been the same—it's safest to either not vote or to delay until the "next session." But in the 21st century, with the future of finance increasingly centered around digital assets within the global financial system, such helplessness is unacceptable.

The market structure bill currently facing the Senate is precisely that. This legislation is designed to clarify cryptocurrency regulation and bring order to digital asset innovation. In simple terms, it sets the "traffic rules" for finance—what happens if we fail to do so? Regulatory chaos worsens, banks and consumers suffer, and innovation moves overseas. It’s a pivotal moment for the U.S. to lead the next generation of finance or to stand by and watch.

The core of the current deadlock is surprisingly simple. It’s the issue of stablecoin rewards between banks and cryptocurrency platforms. Banks argue that when crypto companies offer stablecoin rewards to customers, it closely resembles their checking account products. They demand the same safety standards be applied. However, last year, the GENIUS Act signed by President Trump already addressed this issue. It explicitly allows crypto firms to provide customer rewards on stablecoins issued by third-party providers.

The problem is that banks see this as a threat to their survival. But what does the data actually show? Recent empirical analysis indicates there’s no statistically significant relationship between stablecoin adoption and deposit outflows. Stablecoins are primarily used as a means of transaction, not as savings products that replace checking accounts. In fact, properly regulated stablecoins could modernize payment services for regional banks and open new opportunities to reach different customer segments.

The solution already exists. Congress needs to explicitly permit federally regulated banks, especially regional banks, to earn yields on payment stablecoins. This would give banks a new revenue stream and a way to attract customers in the stablecoin market. Particularly in an environment dominated by large banks and major payment platforms, this provides an intuitive way for regional banks to secure checking account customers and deposits. At the same time, crypto platforms can maintain the incentive structures customers expect under existing laws.

Pushing this compromise can preserve the broad market structure package while providing the legal clarity the U.S. economy needs. The Senate already has the tools it requires. The White House is also demonstrating strong leadership. Ultimately, the current deadlock is not inevitable but a matter of choice. It’s simply a question of whether Congress is willing to act or not.