Senator Tim Scott, chairman of the Senate Banking Committee, announced on Thursday that crypto market legislation should be finalized by September 30.
Author: Sahil Thakur
Senator Tim Scott, chairman of the Senate Banking Committee, announced on Thursday that crypto market legislation should be finalized by September 30, pushing back an earlier goal set by the White House but advancing beyond other congressional estimates.
Speaking at a Capitol Hill event alongside Senator Cynthia Lummis and White House crypto adviser Bo Hines, Scott called the end-of-September deadline “a realistic expectation.” This represents a shift from the Trump administration’s earlier aim to have legislation passed before the August recess. However, it’s still more ambitious than the end-of-year timeline previously floated by some lawmakers.
Just a day prior, Senator Lummis had predicted that crypto bills may not be ready until the end of 2025. On Thursday, she expressed her support for Scott’s revised timeline, stating, “Yes, sir. You’re the chairman, and we will do as you wish.”
Hines echoed this sentiment on X (formerly Twitter), confirming, “We are committed to getting market structure done by the end of September. Period.”
The crypto legislative push in Congress involves two key areas:
Last week, the Senate passed the GENIUS Act, a stablecoin regulation bill supported by the White House. Senator Scott reinforced President Trump’s position that the House should move quickly to approve the measure and send it to the president’s desk.
“I’ve been very clear that I think the president’s mandate of moving the GENIUS Act immediately to his desk is in the best interest of the American people,” Scott said.
However, House lawmakers have not yet announced how they intend to handle the Senate’s version of the bill. Representative French Hill, chair of the House Financial Services Committee, noted that there are still unresolved differences between the GENIUS Act and the House’s own stablecoin proposal, which could delay the process.
Another complication involves the market structure bill, which still needs approval from the House Agriculture Committee. Compared to the Banking Committee, the Agriculture Committee has moved more slowly on crypto issues, creating additional uncertainty around the timeline.
Some lawmakers and industry stakeholders have pushed to link stablecoin and market structure bills together to maintain legislative momentum. But Scott dismissed that concern, stating, “We can do both in a very time-sensitive manner, and that is why I’ve committed to a deadline that will be reached.”
| Bill Name | Bill Number(s) | Chamber & Status | Key Highlights |
|---|---|---|---|
| One Big Beautiful Bill Act | H.R. 1 | Passed House; under Senate reconciliation review | Major tax cuts, reduced non-defense spending, Medicaid work requirements; some provisions face 60-vote hurdle in Senate |
| GENIUS Act (Stablecoin Regulation) | S. 394 / S. 1582 | Passed Senate; awaiting House action | Establishes stablecoin reserve requirements and federal oversight; bipartisan support |
| Equality Act | S. 1503 / H.R. ? | In Senate Judiciary Committee | Expands civil rights protections to include sexual orientation and gender identity |
| H.R. 40 – Reparations Commission | H.R. 40 | In House Judiciary Committee | Proposes a commission to study and develop reparations proposals for African Americans |
| STATES 2.0 Act (Cannabis Reform) | H.R. 2934 / S. ? | Introduced in House; in committee | Empowers states to regulate cannabis; removes federal penalties and tax restrictions |
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