After passing the GENIUS stablecoin bill, Republican leadership on the Senate Banking Committee has turned its sights to digital asset market structure.
US Senator Tim Scott, chair of the Senate Banking Committee, said the chamber would be aiming to pass legislation for digital asset market structure “before the end of September.”
In a Thursday “fireside chat” with Wyoming Senator Cynthia Lummis and White House crypto adviser Bo Hines, Scott said “for the market to function completely,” Congress would need to move forward with legislation for market structure and stablecoins. The senator set a goal of passing a market structure bill by Sept. 30.
“You’re the chairman, and we will do as you wish,” said Lummis in response to Scott’s goal for market structure. “We will make sure that we’re ready to do that.”
Lummis said at the Bitcoin Policy Summit on Wednesday that she would be “extremely disappointed” if the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, and legislation for digital asset market structure did not pass before 2026. The GENIUS Act awaits consideration in the House of Representatives after being passed by the Senate, but neither chamber has taken up a floor vote on market structure as of June.
Related: As stablecoin bill heads to House, Senate shifts to market structure
The White House initially planned to sign the crypto bill into law by August
Both Lummis’ and Scott’s timelines potentially put them at odds with US President Donald Trump’s plans for the crypto bills. On June 18, he released a message on social media calling for the House to pass the GENIUS Act and “get it to [his] desk, ASAP.” It’s unclear when the chamber will consider a vote on the bill.
On a market structure bill, Lummis said at the Thursday event that she could help draft legislation “hopefully put out before the August recess,” and schedule for markup in September.
The senator suggested lawmakers might look at the House’s proposed market structure bill, the Digital Asset Market Clarity Act, or CLARITY Act, in their efforts to draft a Senate version.
The CLARITY Act moved out of committee in June, but Lummis’ and Scott’s remarks suggested House efforts could take a backseat to the Senate’s.
The legislation is intended to establish more straightforward guidelines for digital asset companies operating in the United States. These rules would likely include clarification on which digital assets qualify as securities and fall under the purview of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
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