June 27, 2025

What They Are Saying: Support for Scott’s September Deadline on Digital Asset Market Structure Legislation

Chairman Scott also reiterated his support for sending the GENIUS Act to President Trump’s desk

Washington, D.C. – Yesterday, Senate Banking Committee Chairman Tim Scott (R-S.C.) hosted a fireside chat with Subcommittee on Digital Assets Chair Cynthia Lummis (R-Wyo.) and Executive Director of the President’s Council of Advisers on Digital Assets Bo Hines. At the conversation, Chairman Scott underscored the importance of sending the GENIUS Act to President Trump’s desk immediately and advancing standalone market structure legislation by September 30^th. Earlier this week, Chairman Scott and Senator Lummis, along with Senators Thom Tillis and Senator Bill Hagerty, released a set of principles for the development of comprehensive market structure legislation.

During the panel, Chairman Scott said, “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 30th.”

Here’s what they are saying:

“Thank you to Senate Banking Committee Chairman Tim Scott and Digital Assets Subcommittee Chair Cynthia Lummis for announcing a clear timeline and plan for comprehensive crypto market structure legislation,” said David Sacks, Chair of the President's Council of Advisors on Science and Technology. “President Trump supports CLARITY on market structure as well as GENIUS on stablecoins. Let’s get this done!”

“A clear path forward. Thank you, David Sacks for delivering the White House's commitment to work with Senator Tim Scott and Senator Cynthia Lummis to deliver market structure legislation by September 30th. We're grateful to President Trump and bipartisan partners in the House and Senate to get this done,” said Brian Armstrong, CEO of Coinbase.

“Big thanks to Senator Tim Scott, Senator Cynthia Lummis, Bo Hines, and David Sacks for your leadership. Getting comprehensive crypto market structure legislation passed has been sorely needed for years. We’re incredibly supportive of this effort to make it happen by September 30th,” said Colin McCune, Head of Government Affairs at a16z. “American consumers and crypto builders need clear, effective rules, and we stand ready to help get this done.”

Politico Pro: Senate to take up crypto market structure proposal in September, key Republicans say

“Top Senate Banking Republicans said Thursday that the committee will not advance landmark cryptocurrency market structure legislation until after Congress’ August recess, the latest twist in an emerging standoff with the House over how to advance digital assets legislation. Banking Chair Tim Scott (R-S.C.) and Sen. Cynthia Lummis (R-Wyo.) said the committee will vote on a sweeping proposal to divvy up oversight of digital assets between market regulators in September, though lawmakers could release a draft prior to the August break. In addition to the market structure bill, Republicans are also hoping to pass legislation creating a regulatory framework for dollar-pegged stablecoins this year.”

The Hill: White House, senators eye September deadline for crypto framework

“A White House adviser and two key senators said Thursday they are now hoping to pass legislation laying out oversight of the crypto industry by the end of September, pushing back an earlier August deadline. Senate Banking Committee Chair Tim Scott (R-S.C.) offered up the new timeline for market structure legislation at a fireside chat alongside Sen. Cynthia Lummis (R-Wyo.) and Bo Hines, executive director of President Trump’s Council of Advisors on Digital Assets.”

CoinDesk: Key U.S. Senator Tells White House Crypto Market Structure Bill Will Be Done by Sept. 30

“U.S. Senator Tim Scott, the chairman of the Senate Banking Committee, told a White House crypto adviser on Thursday that legislation establishing rules for the U.S. crypto markets will be finished by September 30… At a Thursday press event in his committee's hearing room, Scott told Trump crypto adviser Bo Hines that the new deadline is possible for the legislation, and expressed agreement with Trump that the U.S. House of Representatives should also quickly sign off on the stablecoin bill the Senate passed last week.”

Crypto in America: Congress Resets Clock on Crypto Legislation Push

“After days of uncertainty over how Congress will handle two critical crypto bills under President Trump’s original August recess deadline, Senate GOP leadership and the White House appear aligned on a new approach: passing market structure and stablecoin legislation as standalone bills, with a fresh timeline revealed at a Thursday press event. Senate Banking Chair Tim Scott (R-SC) told White House crypto adviser Bo Hines, in a discussion alongside Senator Cynthia Lummis (R-WY), that he’s committed to a timeline aiming to complete market structure legislation by the end of September.”

Investment News: Stablecoin bill could be ready for Trump signature in weeks

“Senate Banking Committee Chair Tim Scott said Thursday he’s committed to moving crypto market-structure legislation out of his panel by the end of September.”

CoinPedia: U.S. Crypto Regulation Bill Will Be Ready by September 30th, Says Tim Scott

“After months of debate, the U.S. crypto regulation bill is now expected to be finalized by September 30, according to Senator Tim Scott, chairman of the Senate Banking Committee. Speaking at a Capitol Hill press event, Scott confirmed that the legislation—covering both stablecoins and broader crypto regulations—is on track for completion by the end of September.”

Crypto.news: U.S Senate eyes fall finish for crypto rules as House keeps cards close

“At a Thursday press briefing, Senate Banking Committee Chair Tim Scott laid down a new target for completing crypto market structure legislation: September 30. Flanked by Senator Cynthia Lummis and President Trump’s digital asset advisor Bo Hines, Scott said he believes the timeline is ‘realistic.’”