U.S. lawmakers are setting a definitive tone for digital asset leadership, targeting legislation to cement America as the global hub for cryptocurrency innovation. Senate Banking Committee Chairman Tim Scott (R-SC) joined Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY) and Bo Hines, Executive Director of the President’s Council of Advisers on Digital Assets, on June 26 to outline legislative priorities for the digital asset sector. Speaking in Washington D.C., Scott stated:

America is open for business. We will be the cryptocurrency capital of the world – period – that is our objective. We will achieve our objective. I believe that is the fastest path to American supremacy economically and there is no other way to get there.

“This is here to stay … anyone who doubts that is wrong. And so, we need to make sure that we do whatever it takes for us to be the innovative capital world,” the lawmaker added.

The senator underscored that regulatory clarity is crucial to securing that leadership role. “There can be no failure to act on market structure… certainty and predictability is the path to greatness in any business,” he explained, criticizing the Biden administration for undermining that principle.

Scott has set a firm deadline of Sept. 30 for finalizing market structure legislation, reflecting his belief in swift, bipartisan legislative progress. “I’ve been very clear that I believe the President’s mandate of moving GENIUS Act immediately to his desk is in the best interest of the American people, and making sure that there is a timeline for market structure to be completed by September 30,” he emphasized, adding:

And I believe that we can do both in a very time-sensitive manner, and that is why I’ve committed to a deadline that will be reached.

The lawmaker highlighted past achievements, including the successful Senate passage of the GENIUS Act on June 17, aimed at establishing a regulatory framework for payment stablecoins. New principles released by Scott, Lummis, and fellow Republicans will now guide the drafting of comprehensive digital asset laws. Stakeholder engagement from industry, legal, and academic circles is expected to shape the final proposal.

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