Senate Aims to Pass Digital Asset Legislation by September Deadline

According to Cointelegraph, U.S. Senator Tim Scott, who chairs the Senate Banking Committee, announced plans to pass legislation concerning digital asset market structure by the end of September. During a discussion with Wyoming Senator Cynthia Lummis and White House crypto adviser Bo Hines, Scott emphasized the necessity of legislative action for the market to function effectively. He set a target date of September 30 for passing a market structure bill. Lummis expressed her support, stating, "You’re the chairman, and we will do as you wish," indicating readiness to meet Scott's timeline. Lummis, speaking at the Bitcoin Policy Summit, voiced her disappointment over the potential delay in passing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act) and other digital asset market structure legislation before 2026. The GENIUS Act, having passed the Senate, awaits consideration in the House of Representatives, but neither chamber has scheduled a floor vote on market structure legislation as of June. The White House had initially aimed to sign the crypto bill into law by August, but timelines from Lummis and Scott may conflict with U.S. President Donald Trump's plans. On June 18, Trump urged the House to expedite the GENIUS Act to his desk. However, the timing for a House vote remains uncertain. Lummis mentioned at the Thursday event her intention to assist in drafting market structure legislation, aiming for a release before the August recess and a markup session in September. She suggested that lawmakers might consider the House's proposed Digital Asset Market Clarity Act (CLARITY Act) while drafting the Senate version. Although the CLARITY Act moved out of committee in June, Lummis and Scott's comments imply that Senate efforts might take precedence over the House's initiatives. The proposed legislation seeks to provide clearer guidelines for digital asset companies operating in the United States, potentially clarifying which digital assets are classified as securities and fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).