Key U.S. Senator Tells White House Crypto Market Structure Bill Will Be Done by Sept. 30

The U.S. Senate Banking Committee aims to finalize cryptocurrency legislation by September 30th, a later deadline than President Trump’s preferred timeframe but earlier than initial Senate predictions. Senator Tim Scott, committee chairman, confirmed this timeline, emphasizing collaboration with the House of Representatives. He expressed confidence in completing both market structure and stablecoin legislation by the end of September.

Senator Cynthia Lummis, head of the digital assets subcommittee, affirmed the chairman’s directive, highlighting the committee’s commitment to the September 30th deadline. This contrasts with her previous prediction of year-end completion, reflecting a more optimistic outlook following the chairman’s statement.

The House’s approach remains less clear. While the House Financial Services Committee previously led on market structure legislation with the Digital Asset Market Clarity Act, Chairman French Hill has not indicated whether the House will adopt the Senate’s GENIUS Act for stablecoins. He hinted at potential discrepancies requiring resolution between the two bills, suggesting a more protracted process. This contrasts with the Senate’s expedited timeline.

The Senate Agriculture Committee’s involvement further complicates the process. Its input is crucial for finalizing the legislation, but its engagement has been less urgent compared to the Banking Committee’s efforts. This lack of urgency from the Agriculture Committee could potentially delay the overall process.

Despite these potential challenges, White House crypto adviser Bo Hines expressed support for the Senate’s timeline and advocated for the House’s swift approval of the Senate-passed stablecoin bill. Senator Scott underscored the collaborative spirit between the Senate and House, emphasizing the importance of swiftly advancing the GENIUS Act. He highlighted the House’s Clarity Act as a useful framework for the Senate’s market structure legislation, reinforcing the commitment to a timely resolution. The September 30th deadline, while later than initially hoped, reflects a concerted effort to establish a regulatory framework for the U.S. cryptocurrency market.