The US Senate is aiming to pass comprehensive legislation governing the digital asset market structure before the end of September, according to Senate Banking Committee Chair Tim Scott.
Speaking during a Thursday, June 26 fireside chat with Wyoming Senator Cynthia Lummis and White House crypto adviser Bo Hines, Scott emphasized the need for Congress to act swiftly to enable the market to function effectively. He set a goal of passing a market structure bill by September 30. “For the market to function completely”, Congress would need to move forward with legislation for market structure and stablecoins.
In response, Senator Lummis pledged support, saying,
“You’re the chairman, and we will do as you wish. We will make sure we’re ready to do that.”
Lummis, a long-time crypto advocate, had earlier voiced her frustration at legislative delays, stating at Wednesday’s Bitcoin Policy Summit that she would be “extremely disappointed” if the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and market structure laws do not pass before 2026. The GENIUS Act, which has already cleared the Senate, still awaits consideration in the House of Representatives.
Meanwhile, President Donald Trump has also weighed in, urging the House to pass the GENIUS Act “ASAP” and send it to his desk, although it remains unclear when a vote will occur.
At Thursday’s event, Lummis indicated she could assist in drafting market structure legislation before Congress leaves for its August recess, with plans for a September markup. She hinted that the Senate could model its bill after the House’s Digital Asset Market Clarity Act, also known as the CLARITY Act, which recently advanced out of committee.
The proposed legislation is expected to provide clearer regulatory guidelines for digital asset firms operating in the US, including defining which digital assets fall under the jurisdiction of the Securities and Exchange Commission (SEC) versus the Commodity Futures Trading Commission (CFTC).
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
