- Senator Tim Scott set a target of September 30 for completing U.S. crypto market legislation, a compromise between Trump’s August goal and a broader year-end outlook.
- The Senate’s GENIUS Act and the House’s Clarity Act must be reconciled; however, the House has not committed to fast-tracking either, potentially complicating timelines.
- Lack of urgency from the Senate Agriculture Committee may be a bottleneck, though White House adviser Bo Hines expressed confidence in the Senate’s leadership and pace.
U.S. Senator Tim Scott, chairman of the Senate Banking Committee, confirmed Thursday that comprehensive crypto market legislation is expected to be finalized by September 30. This timeline falls after President Trump’s desired August deadline, but ahead of year-end expectations voiced by other lawmakers like Senator Cynthia Lummis. The bill will cover key issues like market structure and stablecoin regulations—critical components for shaping how crypto is governed in the U.S.
Legislative Push for Clarity and Coordination
During a press event, Senator Scott assured Bo Hines, President Trump’s crypto adviser, that the Senate would meet its new target. He also backed the quick adoption of the GENIUS Act—a Senate-approved stablecoin bill—and encouraged the House to pass it without changes. Senator Lummis, leading the digital assets subcommittee, echoed Scott’s timeline support, committing to aligning with his leadership.
However, House lawmakers like Rep. French Hill signaled there’s still work to do in reconciling their Digital Asset Market Clarity Act with the Senate’s GENIUS Act. This could slow the legislative process unless both chambers align swiftly, as the House seems less eager to fast-track either bill at this stage.
Roadblocks and Political Dynamics
A key obstacle remains the Senate Agriculture Committee, which must also weigh in on portions of the bill related to commodities and derivatives. So far, that committee has been less active in the crypto conversation, possibly delaying final consensus. Despite this, the White House expressed support for the Senate’s aggressive timeline, with Hines praising the leadership of both Scott and Lummis.
Senator Scott reiterated that he views both the Senate and House as “one team” and emphasized the need to deliver a comprehensive framework swiftly. He sees the House’s Clarity Act as a strong foundation to build from, showing optimism that alignment between both chambers is achievable by the fall deadline.
