Senator Tim Scott, the chairman of the Senate Banking Committee, told White House crypto adviser Bo Hines today that crypto market legislation will be completed by September 30. “I think that is a realistic expectation,” he said during a press event held in his committee’s hearing room on Capitol Hill.
This new deadline is later than what President Donald Trump wanted. Trump had asked for the rules to be ready by the August break, but it’s still earlier than the end-of-year timeline that other lawmakers had mentioned before.
Just a day earlier, Senator Cynthia Lummis had said she thought the crypto bills might not be ready until the end of the year.. But on Thursday, she supported Scott’s faster deadline and said, “Yes, sir. You’re the chairman, and we will do as you wish.”
The legislation includes two major parts. One part is about the overall crypto market, which basically involves how it should be set up, who should be in charge, and what rules should apply. The other part is about stablecoins, which are digital tokens tied to regular money like the U.S. dollar.
The Senate has already passed the GENIUS Act bill last week. Scott agrees with Trump’s view that the House of Representatives to approve that bill quickly and send it straight to the president. “I’ve been very clear that I think the president’s mandate of moving GENIUS Act immediately to his desk is in the best interest of the American people,” Scott said.
Bo Hines, the White House adviser, agreed with Scott and Lummis. He said, “I think it’s very clear you both understand what’s happening.” But not everyone is ready to move that fast. House leaders have not yet said what they plan to do with the Senate’s bill.
Representative French Hill, who leads the House Financial Services Committee, said that there are still things to fix between the Senate’s GENIUS Act and the House’s own stablecoin bill. This could slow things down.
Also, there’s another challenge: the Agriculture Committee also needs to approve the market structure bill. So far, it has not moved as quickly as the Banking Committee.
Also Read: US Senate’s New Crypto Bill Challenges SEC, Favors CFTC
