U.S. Senator Tim Scott, who chairs the Senate Banking Committee, announced plans to advance legislation on digital asset market structure by the end of September, signaling renewed urgency in shaping the crypto regulatory landscape. Speaking during a “fireside chat” with Senator Cynthia Lummis and White House crypto adviser Bo Hines on Thursday, Scott emphasized that a clear market framework is necessary for the crypto market to function effectively in the United States. “For the market to function completely, we need to move forward with legislation for market structure and stablecoins,” Scott stated, setting a September 30 target for passing the bill. In support, Senator Lummis assured, “You’re the chairman, and we will do as you wish. We will make sure that we’re ready to do that,” reflecting strong committee alignment on advancing the crypto agenda. Lummis Pushes Forward with Crypto Legislation At the Bitcoin Policy Summit a day prior, Lummis noted she would be “extremely disappointed” if key legislation like the GENIUS Act and market structure bills were not enacted before 2026. The GENIUS Act, designed to guide stablecoin innovation in the U.S., has cleared the Senate but awaits action in the House of Representatives. As of June, neither chamber has scheduled a floor vote on comprehensive market structure legislation. The timeline shared by Scott and Lummis may differ from President Donald Trump’s push for swift crypto legislative action. On June 18, Trump called on the House to pass the GENIUS Act and deliver it to his desk “ASAP,” reflecting the administration’s prioritization of stablecoin regulation. CLARITY Act in Senate Focus Lummis expressed her intent to draft market structure legislation before the August recess, aiming for a September markup. She highlighted that the Senate may look at the House’s Digital Asset Market Clarity Act (CLARITY Act) as a reference point for crafting its version. The CLARITY Act, which passed out of committee in June, aims to clarify which digital assets qualify as securities under SEC oversight or as commodities under the Commodity Futures Trading Commission (CFTC). The proposed legislation is intended to establish clear guidelines for digital asset firms , fostering legal clarity that could drive institutional adoption while maintaining consumer protections. If successful, the bill could become a foundational pillar for the United States in regulating and fostering growth within the crypto sector. The post Senate Targets September for Passing Landmark Digital Asset Market Structure Bill appeared first on TheCoinrise.com .
