US Senate Banking Committee Chairman Tim Scott announced today that the bill, which includes comprehensive regulations on crypto markets in the US, will be completed by September 30.
That would mean it would be completed later than President Donald Trump’s targeted August but earlier than the year-end estimate of Senator Cynthia Lummis, who worked on the legislation.
Scott told White House cryptocurrency advisor Bo Hines that this new timetable is realistic and that the stablecoin law called the GENIUS Act, which passed the Senate last week, should be quickly approved by the House of Representatives.
“It is realistic to expect the market structure adjustments to be completed by the end of September. We are on track,” Scott said.
But the House has not been as clear-cut. The House has already made progress on the Digital Asset Market Clarity Act, a market structure bill, but has yet to take a stance on the stablecoin regulation GENIUS Act. House Financial Services Committee Chairman French Hill said this week that there are still some remaining differences between the Senate bill and the House’s own bill, suggesting that a short-term compromise could be difficult.
As you may recall, Senator Lummis had stated in his speech just one day earlier that he predicted that all crypto regulations would be completed by the end of the year, while President Trump wanted this process to be completed by the August recess of Congress.
*This is not investment advice.
