Banking committee chair sets market structure bill targets for September

U.S. Senator Tim Scott, chairman of the Senate Banking Committee, said the chamber’s goal is to pass legislation on the digital asset market structure “before the end of September.”

In a “fireside chat” with Wyoming Senator Cynthia Lummis and White House crypto adviser Bo Hines on Thursday explain “In order for the market to function fully,” Congress will need to move forward with the structure of the market and stable legislation. Senators set goals to pass the Market Structure Act by September 30.

“You are the chairman and we will do what you want,” Lummis responded to Scott’s market structure goals. “We will make sure we are ready to do that.”

Fascinated Said at the Bitcoin Policy Summit On Wednesday, legislation that guides and establishes national innovations targeting the stability of the U.S., the Genius Act, and the structure of the digital asset market will not be passed by 2026. The Genius Act was considered in the House after it was passed by the Senate, but neither voted on the market structure in June.

Related: Senate moves to market structure as Stablecoin bill goes to homes

The White House initially plans to sign crypto bills by August

Both Lummis and Scott’s schedules may contradict them with U.S. President Donald Trump’s crypto billing plan. On June 18, he posted a message on social media Call for the house Pass the Genius Act and “given it to (his) table as soon as possible.” It is not clear when the Chamber will consider voting on the bill.

Lummis said at the event on Thursday that she could “hopefully release before the August break” and mark the schedule in September.

Senators suggest that lawmakers may look at the House proposed market structure bill, the Digital Asset Market Clear Act, or the Clarity Act, in an effort to draft the Senate version of the effort.