Overview

In a significant statement on Thursday, Senator Tim Scott, the head of the Senate Banking Committee, confirmed that the legislation to regulate U.S. crypto markets will be completed by September 30. This timeline has been set despite President Trump’s earlier intentions for the process to conclude sooner.

What Happened

During a press conference at his committee’s hearing room, Scott informed Bo Hines, a crypto advisor from the White House, that this deadline aligns with Trump’s desires but extends beyond the expectations of certain key legislators who are instrumental in drafting the bill.

Scott emphasized that achieving this timeline is realistic, stating, “I intend to see market structure completed before the end of September. I think that is a realistic expectation.”

Cynthia Lummis echoed Scott’s sentiments, indicating her support and readiness to ensure the committee’s goals are met.

Context

Although the Senate is advancing in its legislative framework, there have been noticeable delays from House lawmakers regarding the associated bills concerning crypto market structure and stablecoins.

Hines expressed optimism that the House might quickly approve the stablecoin bill passed by the Senate without amendments, reinforcing the administration’s commitment to this important legislation.

Senators at a press event Senators Cynthia Lummis and Tim Scott, and White House crypto adviser Bo Hines

As negotiations unfold, it remains to be seen how the respective chambers of Congress will align their efforts towards finalizing these critical rules for the burgeoning crypto market.