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The U.S. Senate Banking Committee is accelerating efforts to establish a clear regulatory framework for digital assets, with Committee Chair Senator Tim Scott announcing a target date of September 30 to pass comprehensive market structure legislation.
Speaking during a policy dialogue on Thursday alongside Senator Cynthia Lummis and White House crypto adviser Bo Hines, Senator Scott emphasized the urgency of laying out a legislative foundation that addresses both stablecoins and broader market structure concerns.
“For the market to function completely, we need to get this done,” Scott said, referring to the need for robust digital asset legislation.
The move follows the Senate’s passage of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), which is now awaiting action in the House of Representatives. With that milestone achieved, focus has shifted toward finalizing a parallel framework for digital asset market structure.
Lummis Pledges Support, Eyes Bipartisan Draft
Senator Lummis, a leading voice on crypto policy, affirmed her support for Scott’s timeline, saying the Senate must be ready to move on the issue by September.
“You’re the chairman, and we will do as you wish,” Lummis said, affirming her commitment to collaborating on the upcoming bill.
During remarks at the Bitcoin Policy Summit a day earlier, Lummis said she would be “extremely disappointed” if both the GENIUS Act and a comprehensive market structure bill fail to pass before 2026.
She indicated that the Senate may borrow elements from the House’s Digital Asset Market Clarity Act (CLARITY Act) to inform its version, with a draft potentially released before the August recess and formal markup scheduled for September.
White House Timeline and Trump’s Call for Action
The proposed Senate timeline could diverge from the expectations of former President Donald Trump, who recently urged the House to expedite passage of the GENIUS Act and send it to his desk “ASAP.”
While the GENIUS Act is progressing, neither chamber has scheduled a floor vote on a market structure bill as of mid-June.
Legislative Outlook: Clarifying Jurisdiction, Boosting Innovation
The forthcoming legislation is expected to provide much-needed clarity for digital asset firms, including guidance on the classification of digital assets as securities or commodities. This would define regulatory oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)—a long-standing grey area that has hampered innovation and compliance.
By establishing defined rules of engagement for the crypto sector, lawmakers hope to foster innovation, enhance investor protection, and position the U.S. as a competitive jurisdiction for digital finance.
As momentum builds on Capitol Hill, the coordinated efforts between the Senate and House—alongside input from federal agencies and the White House—will be key to shaping the next chapter of digital asset regulation in the United States.
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