Senator Tim Scott, the top Republican on the Senate Banking Committee, has set a clear deadline for advancing crypto regulation, announcing that the Senate aims to pass a digital asset market structure bill by September 30. Speaking alongside Senator Cynthia Lummis and White House crypto adviser Bo Hines during a fireside chat on Thursday, Scott emphasized the urgent need for legislative clarity.
“Without market structure legislation, we’re leaving innovation in limbo,” Scott warned, calling for bipartisan cooperation in the months ahead.
His comments come amid renewed momentum in Washington, fueled by the Senate’s recent approval of the GENIUS stablecoin bill, which is now awaiting a House vote. With growing political interest and mounting pressure from the crypto industry, Scott’s September goal sets a definitive timeline for Congress to address the regulatory void surrounding digital assets.
Backing his proposal, Senator Lummis signaled alignment:
“You’re the chairman, and we will do as you wish.“
Delays Could Undermine U.S. Crypto Competitiveness
Senator Lummis, a vocal advocate for digital assets, reiterated the urgency of legislative action during the Bitcoin Policy Summit earlier this week. She warned that postponing both the GENIUS Act and a comprehensive market structure bill until after 2026 would be a “massive setback” for America’s leadership in financial innovation.
While the GENIUS Act—which focuses on stablecoin oversight—has already passed the Senate, it still requires House approval. Meanwhile, market structure legislation remains in drafting stages, with no full floor votes scheduled in either chamber.
Despite this, bipartisan support for digital asset reform appears to be growing. Observers suggest that the Senate’s passage of the GENIUS Act could mark a pivotal moment in crypto’s legislative journey, potentially paving the way for broader financial reforms. Still, concerns remain that legislative gridlock or partisan conflicts could stall progress.
Senate’s Approach May Conflict With White House Timeline
The Senate’s push to finalize market structure legislation by September may complicate efforts from the Trump-aligned White House, which had hoped to sign the GENIUS Act into law by August. President Trump has publicly urged the House to fast-track the bill and send it to his desk “ASAP.”
However, the Senate appears poised to pursue its own strategy. Senator Lummis revealed that Senate lawmakers are preparing an independent draft of the market structure bill, potentially sidelining the House’s CLARITY Act, which cleared committee in June. She noted that the Senate version could be ready for markup by September, following a potential draft release before the August recess.
If passed, the market structure bill would address one of the industry’s most critical concerns: defining whether crypto tokens fall under the jurisdiction of the SEC or the CFTC. Clear oversight parameters would provide much-needed guidance for digital asset firms and could form the foundation of a unified federal regulatory framework for crypto.
Quick Facts
- Senator Tim Scott set a September 30 deadline for passing digital asset market structure legislation.
- The GENIUS stablecoin bill passed the Senate and is awaiting a House vote; no floor votes have yet occurred on a market structure bill.
- Senate lawmakers are preparing their own version of the CLARITY Act, potentially diverging from the House’s draft.
- The White House has pushed for faster progress, but timelines between the chambers may now diverge.
