Key U.S. Senator Signals Crypto Market Structure Bill Will Be Completed by September 30
Legislative progress on crypto regulation aims to meet year-end goals despite mixed signals from Congress
WASHINGTON, D.C. — A pivotal piece of legislation aimed at establishing clear regulatory rules for the U.S. cryptocurrency markets is on track for completion by September 30, according to Senator Tim Scott, chairman of the Senate Banking Committee. This updated deadline, conveyed during a recent meeting with White House crypto adviser Bo Hines, reflects a timeline slightly later than President Donald Trump’s initial goal but earlier than other congressional projections.
At a press event held Thursday in the Senate Banking Committee hearing room, Senator Scott emphasized the feasibility of finalizing the crypto market structure legislation before the end of September. He expressed his alignment with President Trump’s view that the U.S. House of Representatives should promptly approve the stablecoin bill that the Senate passed last week.
“I intend a timeline seeing market structure completed before the end of September. I think that is a realistic expectation,” Scott stated. Senator Cynthia Lummis, chair of the Senate’s digital assets subcommittee involved in crafting the legislation, concurred, affirming her commitment to the chairman’s timetable.
However, the House of Representatives has appeared less definitive regarding their timeline and approach. Although the House had previously taken a lead role on market structure legislation through the Digital Asset Market Clarity Act—which has cleared key committees—the chairman of the House Financial Services Committee, Representative French Hill, withheld comment on whether the House will take up the Senate’s persistent stablecoin bill, the GUIDING and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
Hill hinted at unresolved issues between the GENIUS Act and the House’s own stablecoin proposals, suggesting a possibly protracted negotiation process. Such delays could imperil the Senate’s more aggressive schedule.
Just one day prior, Senator Lummis had publicly projected a broader timeline for completing all cryptocurrency regulations by the end of 2025. While this is well beyond President Trump’s target of an August congressional break deadline, Scott’s September 30 goal still exceeds the President’s wishes, indicating some degree of compromise is underway.
One complexity complicating the swift approval of crypto market rules is the role of the Senate Agriculture Committee. Although the Senate Banking Committee has been the leading force behind the market structure legislation, Lummis acknowledged the Agriculture Committee has yet to prioritize its involvement, and final approval cannot be accomplished without its consent.
From the White House perspective, adviser Bo Hines reiterated President Trump’s preference for the House to simply ratify the Senate-approved stablecoin bill, avoiding further amendments. Hines also welcomed Scott and Lummis’s commitment to an expedited timeline, commenting, “I think it’s very clear you both understand what’s happening.”
Senator Scott echoed this teamwork sentiment regarding both chambers of Congress: “The House and Senate are one team. I’ve been very clear that I think the president’s mandate of moving the GENIUS Act immediately to his desk is in the best interest of the American people. I believe that we can do both in a very time-sensitive manner, which is why I’ve committed to a deadline.”
Scott indicated that the House’s Digital Asset Market Clarity Act serves as a “strong template” to advance the Senate’s efforts on market structure regulations.
As of now, uncertainty persists about whether legislative momentum will hold firm, especially with different factions and committees balancing priorities. Nonetheless, the Senate’s leadership remains optimistic about achieving a regulatory framework that could bring much-needed clarity to the rapidly evolving U.S. cryptocurrency market by early fall.
Jesse Hamilton is CoinDesk’s deputy managing editor on the Global Policy and Regulation team in Washington, D.C. He has over a decade of experience covering financial regulation and has received national journalism honors.