The U.S. crypto industry may finally get long-awaited regulatory clarity this year, as Senator Tim Scott, Chairman of the Senate Banking Committee, announced that a comprehensive crypto market structure bill will be finalized by September 30, 2025.
Senate Signals Progress on Crypto Rules
At a press briefing in Washington, Senator Scott confirmed the new deadline while addressing White House crypto advisor Bo Hines. The senator affirmed that both the market structure bill and the stablecoin legislation are top priorities.
“I think that is a realistic expectation,” said Scott, referring to the September deadline.
Senator Cynthia Lummis, who leads the Senate’s Digital Assets Subcommittee, agreed with the timeline, showing unity among Republican leaders in the Senate.
“Yes, sir. You’re the chairman, and we will do as you wish,” Lummis added, backing Scott’s legislative push.
House and Senate Still Not Fully Aligned
While the Senate has passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the House of Representatives remains cautious. Representative French Hill, Chair of the House Financial Services Committee, emphasized the need to reconcile differences between the Senate’s GENIUS Act and the House’s version of stablecoin regulation.
This lack of alignment could delay the legislation, despite mounting pressure from the White House to move quickly.
President Donald Trump reportedly supports fast-tracking the GENIUS Act, favoring immediate approval of the Senate’s version without further modification.
Senate Agriculture Committee’s Role Still Uncertain
A significant hurdle remains: the Senate Agriculture Committee, which shares jurisdiction over key aspects of crypto regulation, has yet to fully engage. Without its involvement, final approval of the bill could stall.
Senator Lummis acknowledged this gap, noting that “urgency has not yet spread” to the Agriculture Committee.
White House Backs September Timeline
Bo Hines praised Senators Scott and Lummis for their efforts and timeline commitment.
“It’s very clear you both understand what’s happening,” Hines said, supporting the legislative urgency.
Scott reiterated the administration’s position, stating:
“The president’s mandate of moving the GENIUS Act immediately to his desk is in the best interest of the American people.”
He added that the House’s Digital Asset Market Clarity Act serves as a strong foundation for finalizing the broader regulatory framework.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.