U.S. Crypto Market Regulation Bill Targeted for Completion by September 30

U.S. crypto regulation bill, including the GENIUS Act for stablecoins, could be completed by September 30, according to Senator Tim Scott. While the Senate is on track, alignment with the House remains uncertain due to differing approaches. White House advisers have urged prompt action to provide clarity and safety for the crypto market.

U.S. Senator Tim Scott, who chairs the Senate Banking Committee, has recently indicated that new legislation aimed at regulating crypto markets could be ready by September 30. This date falls short of President Donald Trump’s ideal August deadline but is still ahead of the year-end timeline suggested by some lawmakers, including Senator Cynthia Lummis.

At a press conference on Thursday, Scott informed White House crypto adviser Bo Hines that he believes finalising the crypto market structure bill alongside the GENIUS Act—legislation concerning stablecoins—before the end of September is within reach. Lummis, who leads the Senate’s subcommittee on digital assets, echoed Scott’s sentiments, supporting his ambitious timetable.

However, the situation in the House of Representatives is less straightforward. The House’s Digital Asset Market Clarity Act is making its way through essential committees, but House Financial Services Committee Chairman French Hill is yet to pledge support for the GENIUS Act. Hill pointed out ongoing discrepancies between the Senate and House’s approaches to stablecoin regulations, which could lead to delays in passing the bill.

Pressing on, White House adviser Bo Hines highlighted President Trump’s backing for the Senate’s stablecoin proposal, nudging the House to adopt it as is. He commended both Scott and Lummis for their commitment to a clear timeline—a move towards improving the regulatory landscape.

One significant hurdle still lingers: the Senate Agriculture Committee has not yet addressed its role regarding crypto market structure. Without that input, it could hinder any progress made thus far.

Despite these challenges, Scott expressed optimism, remarking, “I believe that we can do both [market structure and stablecoins] in a very time-sensitive manner,” and referred to the House’s Clarity Act as a well-rounded basis for bipartisan efforts moving forward. The urgency for comprehensive regulations in the crypto space reflects a growing recognition of the need for clarity and investor protection in the fast-moving U.S. digital asset arena.