US senator Tim Scott, chair of the Senate Banking Committee, said the Chamber aims to pass the law for the digital asset market structure before the end of September. “
On a Thursday “Fireside Chat” with Wyoming Senator Cynthia Lummis and White House Crypto Adviser Bo Hines, Scott Says “For the market to work thoroughly,” Congress has to advance the law for market structure and stablecoins. The senator set a goal of passing a market structure bill on September 30.
“You are the chairman, and we will do as you wish,” Lummis said in response to Scott’s purpose for market structure. “We make sure we’re ready to do that.”
Enchanted said at Bitcoin Policy Summit On Wednesday he was “very disappointed” if the guide and establishment of the national change for the US Stablecoins, or the Genius Act, and the law for the Digital Asset Market structure was not passed before 2026. The Genius Act awaits the House of Market structure after the Senate passed, but no room has made a vote on the floor structure as a market structure.
Related: As the Stablecoin Bill goes home, the Senate changes market structure
The White House first planned to sign the Crypto Bill in August
Both Lummis’ and Scott times potentially put them at odds with President Donald Trump’s plans for crypto bills. On June 18, he released a message on social media Call for home To pass the Genius Act and “get it to (his) desk, ASAP.” It is unclear when the Chamber will consider a vote on the bill.
In a market structure bill, Lummis said at Thursday’s event that he would help the law draft “Hope to come out before August,” and Markup schedule in September.
The senator suggested that lawmakers could look at the proposed market structure bill, the Digital Asset Market Clarity Act, or Clarity Act, in their efforts to draft a version of the Senate.
The law of cleanliness moved out of the committee In June, but Lummis’ and Scott’s statements suggest that home efforts may turn away from the Senate.
The law is intended to establish more straightforward guidelines for digital asset companies that operate in the United States. These policies are likely to include clarification in which digital assets qualify as security and fall under Purview by the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
Magazine: The Genius Act reopened the door for a meta stablecoin, but would it work?
