In a recent development, US Senator Tim Scott, chairman of the Senate Banking Committee, informed a White House crypto adviser that the legislation governing the US crypto markets will be finalized by September 30. This deadline is later than initially anticipated by President Donald Trump but earlier than the year-end prediction made by a key lawmaker involved in the bill's drafting. During a press event, Scott expressed agreement with Trump that the US House of Representatives should swiftly approve the stablecoin bill passed by the Senate last week.
Scott stated that he aims to complete the market structure by the end of September, which he believes is a realistic expectation. Senator Cynthia Lummis, who heads the digital assets subcommittee, concurred with Scott's timeline.
Meanwhile, top House lawmakers have been hesitant to disclose their strategy for the two related bills on crypto market structure and stablecoins. The House had been leading on the former issue, but its chairman, Representative French Hill, declined to reveal whether the House will move on the Senate's Guiding and Establishing National Innovation for US Stablecoins Act. Hill signaled that some issues need to be resolved between the two acts, which may jeopardize the short-term deadlines set by the Senate. Senator Lummis had predicted that all crypto legislation would be completed by the end of the year, which is later than Trump's desired deadline.
The White House's crypto adviser, Bo Hines, praised the timeline commitment made by Scott and Lummis, stating that they understand the urgency of the matter. Scott emphasized that the two chambers are 'one team' and committed to a deadline, believing that the House's market structure bill is a strong template for moving forward.