Senate Banking Committee Aims to Pass Digital Asset Legislation by September 30

Senator Tim Scott, the 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 deadline set by Scott.

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 White House had initially planned to sign the crypto bill into law by August, but the timelines set by Lummis and Scott may put them at odds with the President's plans. The President had called for the House to pass the GENIUS Act and get it to his desk as soon as possible. It remains unclear when the chamber will consider a vote on the bill.

Lummis suggested that lawmakers could look at the House’s proposed market structure bill, the Digital Asset Market Clarity Act, or CLARITY Act, in their efforts to draft a Senate version. The CLARITY Act moved out of committee in June, but Lummis’ and Scott’s remarks suggested that House efforts could take a backseat to the Senate’s. The legislation is intended to establish more straightforward guidelines for digital asset companies operating in the United States, including 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 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. 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.

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.