Senate Aims to Pass Digital Asset Market Structure Bill by September 30

Senator Tim Scott, chair of the Senate Banking Committee, has set a goal to pass legislation for digital asset market structure by September 30. During a recent event, Scott emphasized the need for Congress to move forward with legislation for market structure and stablecoins to ensure the market functions completely. This goal was supported by Senator Cynthia Lummis, who pledged to be ready to meet the September deadline.

Lummis had previously expressed disappointment if the GENIUS Act and legislation for digital asset market structure did not pass before 2026. The GENIUS Act, which focuses on stablecoin rules, has already been passed by the Senate and is awaiting consideration in the House of Representatives. However, neither chamber has taken up a floor vote on market structure as of June.

The Senate's timeline for passing the market structure bill potentially conflicts with the White House's plans. President Donald Trump had called for the House to pass the GENIUS Act and send it to his desk as soon as possible. The exact timeline for the House to consider a vote on the bill remains unclear.

Lummis suggested that lawmakers could draft legislation for market structure, with a goal of releasing it before the August recess and scheduling a markup in September. She also mentioned that the House’s proposed market structure bill, the Digital Asset Market Clarity Act, or CLARITY Act, could serve as a reference for the Senate’s efforts. The CLARITY Act, which aims to establish clearer guidelines for digital asset companies, moved out of committee in June.

The legislation is intended to provide more straightforward guidelines for digital asset companies operating in the United States. This includes clarification on which digital assets qualify as securities and fall under the purview of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). The bill is designed to offer clear distinctions and definitions for how assets transition between different categories, a key component being the bipartisan stablecoin provision.

Senator Scott's emphasis on passing the legislation by September 30 underscores the Senate's determination to finalize the bill within the set timeline. The push for structured regulation, as seen with stablecoins and now broader crypto assets, signals a historic pivot towards comprehensive asset classification forms paralleling past financial reforms.

The Senate's efforts to finalize the cryptocurrency market structure bill are part of a broader push for regulatory clarity in the digital asset market. The bill aims to address issues such as market manipulation, consumer protection, and the role of stablecoins. The Senate Banking Committee is working diligently to meet the September deadline, with a vote scheduled for that month. In addition to the market structure bill, the Senate is also pushing for the passage of the GENIUS Act, which focuses on stablecoin rules. The GENIUS Act has already cleared the Senate and is awaiting action from the House of Representatives. Senators have urged the House to pass the bill without delay, emphasizing the need for swift legislative action to protect consumers and ensure market stability.

Despite delays on the House side, Senator Scott praised the House’s Digital Asset Market Clarity Act, which has already passed committee and awaits a vote on the House floor. He noted that the House version can serve as a template for the Senate’s work on the CLARITY Act, highlighting the importance of cooperation between the two chambers. Scott emphasized that both chambers must work together to enact a unified digital asset framework by September 30. Bo Hines also confirmed that the administration is working on infrastructure for a strategic U.S. Bitcoin reserve, emphasizing the strategic importance of Bitcoin as "digital gold."

As lawmakers aim to release the CLARITY Act draft in the coming weeks, attention remains on whether both chambers can meet the goal of enacting a full digital asset framework by September 30. The Senate’s efforts to finalize the CLARITY Act and the GENIUS Act reflect a broader push for regulatory clarity in the digital asset market, aiming to protect consumers, ensure market stability, and foster innovation in the rapidly evolving digital asset landscape.