The Chairman of the U.S. Senate Banking Committee, Senator Tim Scott, stated that the Senate will strive to pass legislation regarding the market structure of digital assets "by the end of September."
In a "fireside chat" on Thursday with Wyoming Senator Cynthia Lummis and White House cryptocurrency advisor Bo Hines, Scott mentioned that "to allow the market to function fully," Congress needs to advance legislation related to market structure and stablecoins. The senator set a goal to pass the market structure bill by September 30.
"You are the chairman, and we will act according to your wishes," Lummis said in response to Scott's goal regarding market structure. "We will ensure we are prepared to achieve this goal."
Lummis stated at the Bitcoin Policy Summit on Wednesday that she would be "very disappointed" if the "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins" (referred to as the GENIUS Act) and digital asset market structure legislation do not pass before 2026. The GENIUS Act has passed the Senate and is currently awaiting consideration in the House, but as of June, neither chamber has held a full vote on the market structure bill.
The timeline of Lummis and Scott may conflict with former President Donald Trump's plans for cryptocurrency legislation. On June 18, Trump posted on social media, urging the House to pass the GENIUS Act and "send it to my desk as soon as possible." It is currently unclear when the House will vote on the bill.
Regarding the market structure bill, Lummis stated at Thursday's event that she could help draft legislation, "hoping to release it before the August recess," and plans to review it in September.
The senator suggested that lawmakers might reference the House's proposed market structure bill, the "Digital Asset Market Clear Act" (referred to as the CLARITY Act), to assist in drafting the Senate version.
The CLARITY Act has passed committee review in June, but Lummis and Scott's comments indicate that the House's efforts may yield to the Senate's priorities.
The legislation aims to establish clearer guidelines for digital asset companies operating in the U.S. These rules may include clarifying which digital assets meet the definition of securities and fall under the jurisdiction of the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
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Original: “U.S. Senate Banking Committee Chairman Sets September Goal to Push Market Structure Bill”
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