Senate Aims to Finalize Crypto Regulations by September 30, House Lags

The U.S. Senate is working towards finalizing cryptocurrency regulations by the end of September, while the House of Representatives has yet to commit to a specific timeline, potentially causing delays in the legislative process. Senate Banking Committee Chair Tim Scott announced this new target date during a press briefing, expressing confidence in the feasibility of the timeline despite the president's earlier August deadline. Scott was supported by Senator Cynthia Lummis and President Trump’s digital asset advisor Bo Hines, who endorsed the September 30 goal.

However, the House Financial Services Chair French Hill has not committed to the same schedule, indicating a potential obstacle in the legislative process. The Senate Banking Committee has demonstrated unusual coordination, even securing support from digital asset skeptic Sherrod Brown on key provisions. In contrast, the House has not provided clarity on whether it will align with the Senate’s GENIUS Act or continue to push its own version of stablecoin legislation.

The GENIUS Act, which was passed with bipartisan support, proposes Federal Reserve-backed reserve requirements and restrictions on tech giants like Amazon from issuing tokens. Meanwhile, Hill’s competing bill, already cleared by House committees, grants authority to state regulators and offers more flexibility for foreign issuers. These differences represent a philosophical divide over whether crypto regulation should be centralized under federal control or decentralized.

Political considerations also play a role. President Trump’s call for an August signing deadline adds pressure, but it does not change the procedural challenges. Even if the Senate finalizes its draft by September, reconciling it with House proposals could extend into late fall. The political dynamics between chambers, committees, and competing visions have yet to align, making the path to actual crypto legislation uncertain.

The delay in U.S. crypto regulation could have significant implications. The EU’s MiCA framework is already influencing global stablecoin flows, while Asia’s crypto hubs are benefiting from America’s regulatory inaction. Each delayed vote and unresolved dispute over state versus federal oversight pushes more innovation offshore, potentially weakening U.S. markets.