Scott Joins Lummis, Hines to Discuss Principles of Digital Asset Market Structure Legislation
Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) today joined Subcommittee on Digital Assets Chair Cynthia Lummis (R-Wyo.) and Executive Director of the President’s Council of Advisers on Digital Assets Bo Hines for a conversation on the senators’ recently released principles for the development of market structure legislation and the legislative pathway forward.
Click here or on the image above to watch the panel.
Chairman Scott on ensuring the United States is the crypto capital of the world:
“America is open for business. We will be the cryptocurrency capital of the world – period – that is our objective. We will achieve our objective. I believe that is the fastest path to American supremacy economically and there is no other way to get there. This is here to stay…anyone who doubts that is wrong. And so, we need to make sure that we do whatever it takes for us to be the innovative capital world.”
Chairman Scott on the importance of passing market structure legislation:
“I'll just say that there can be no failure to act on market structure… and so getting market structure done means that we're also talking about setting the stage, the global stage, for the innovators of the world to descend upon America. Because certainty and predictability is the path to greatness in any business – it doesn't matter what it is – every single business needs certainty, and they need predictability. Under the Biden administration, they had the exact opposite.”
On a timeline for legislation:
“I've been very clear that I believe the President's mandate of moving GENIUS Act immediately to his desk is in the best interest of the American people, and making sure that there is a timeline for market structure to be completed by September 30… And I believe that we can do both in a very time-sensitive manner, and that is why I've committed to a deadline that will be reached. I said, before a microphone in this room, that in the first 100 days, I’d have digital asset legislation passed by my committee, and we did it. We were able to get it passed, and then the full Senate took it up and passed it. This body works in a very bipartisan fashion, so making sure that we not only have clear instructions and guiding principles for the market structural legislation that will be championed by [Senator] Cynthia [Lummis], but it's also important for us to recognize that if you don't have 60 votes for it, it doesn't pass. So, we've got work to do in this body.”
BACKGROUND:
On Tuesday, Chairman Scott, Subcommittee on Digital Assets Chair Cynthia Lummis (R-Wyo.), Senator Thom Tillis (R-N.C.), and Senator Bill Hagerty (R-Tenn.) released a set of principles for the development of comprehensive market structure legislation. These principles will guide discussions and negotiations as Chairman Scott and his colleagues engage with industry participants, legal and academic experts, and government stakeholders on the bill text. For the full principles, click here.
Last week, Chairman Scott welcomed President Donald Trump’s endorsement of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – bipartisan legislation co-sponsored and championed by Chairman Scott – which passed the Senate on June 17, 2025. The GENIUS Act establishes a first-of-its-kind regulatory framework for payment stablecoins, protecting consumers and strengthening national security.
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