WASHINGTON, D.C. – U.S. Senator Tim Scott, chairman of the Senate Banking Committee, told an assistant White House crypto adviser Thursday that legislation setting rules for the U.S. cryptocurrency market will be completed by September 30, later than President Donald Trump and later than President Donald Trump’s idea, but earlier than a leading lawmaker’s year-end prediction.
In a news event at a committee hearing Thursday, Scott told Trump’s crypto adviser Bo Hines that legislation could be a new deadline and agreed with Trump that the U.S. House of Representatives should also sign a stable bill in the Senate quickly. Passed last week.
Scott, the recent committee Shared some guidelines Regarding what some Republicans want market regulations, he said he intends to “see the market structure that will be completed by the end of September. I think that’s a realistic expectation.”
To this end, Senator Cynthia Lummis, who is responsible for this work in the Digital Assets Subcommittee, said: “Yes, sir. sir. You are the chairman and we will do it as you wish.”
Meanwhile, top lawmakers hesitantly announced strategies for two related bills targeting the structure and stability of the cryptocurrency market. The House has been leading the way under the previous period, with its digital asset market Clarity bill clearing necessary committees on its way toward the floor of the house. But representatives from French Hill, who led the allegation, declined to say whether the House would guide the Senate and build a stable national innovation in the U.S. (genius) Behavior.
Hill said this week that he thinks some problems Need to be resolved Between the Genius Act and the House’s own stable legislation, this would suggest that a longer process could endanger the Senate’s short-term deadline.
Senator Lummis said at a Washington event only the day before that she predicted all crypto legislation would be completed By the end of the year. This shows that a window is much later than President Trump’s wish to end when Congress rests in August. But even Scott’s September 30 schedule is longer than Trump asked for.
It’s immediately obvious: The Senate Agricultural Committee has no potential barrier to matching meaning, and the committee also needs to weigh this major complex legislation. The banking committee has so far led allegations of the market structure but cannot approve the bill alone, and Loomis acknowledged after Thursday’s event that the process is not that urgent for other committees.
Hines of the White House said the president drew on the House’s simple signing of the Senate-approved signing bill without further work, praising Scott and Lummis’s timeline commitments, adding: “I think you all know very well what’s going on.”
In response to a response to a Coindesk question about working with the house, Scott said the two rooms were “a team.”
“I’m very clear that I think the president’s task of moving the act of genius to his desk immediately is in the best interest of the American people. I believe we can do both on something very sensitive, which is why I’m committed to the deadline.”
He said the House’s Market Structure Act is the Clarity Act, a “strong template for us to move forward.”
Read more: Leading crypto senators see end of the year as U.S. legislation target
