US Senate Aims to Pass Crypto Market Structure Bill by End of September
The U.S. Senate is accelerating its efforts to regulate digital assets, with Senate Banking Committee Chair Tim Scott announcing plans to pass a crypto market structure bill by September 30, 2025.
Speaking during a fireside chat with Senator Cynthia Lummis and White House crypto adviser Bo Hines on Thursday, Senator Scott said that for the digital asset market to function effectively, Congress must advance legislation on both market structure and stablecoins.
“You’re the chairman, and we will do as you wish,” responded Senator Lummis, expressing her support for Scott’s September deadline.
Follows GENIUS Act Approval in Senate
This push follows the Senate’s recent passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which is now awaiting consideration in the House of Representatives.
On June 18, former President Donald Trump urged the House via social media to swiftly pass the bill and “get it to [his] desk, ASAP.” However, neither the House nor the Senate has held a floor vote on market structure legislation as of June.
Draft Legislation Possible Before August Recess
Senator Lummis suggested that a draft version of the market structure bill could be introduced before Congress breaks for its August recess, with a formal markup planned for September. She indicated that the Senate might look to the House’s Digital Asset Market Clarity Act (CLARITY Act) as a reference point for shaping its own version.
The CLARITY Act passed out of committee in June, but recent comments from Lummis and Scott suggest that the Senate may take the lead on finalizing market structure legislation.
Clarifying Crypto’s Legal Status
The goal of the bill is to provide clear legal guidelines for digital asset firms operating in the U.S., including defining which tokens qualify as securities (under SEC jurisdiction) or commodities (regulated by the CFTC).
Establishing these distinctions is seen as critical to reducing legal uncertainty and enabling further innovation in the crypto space.
A Crucial Moment for U.S. Crypto Regulation
The push for crypto legislation aligns with the broader deregulatory stance of the Trump administration, which has fueled optimism in the digital asset sector. As market momentum builds, passing comprehensive legislation could mark a turning point in how the U.S. treats digital assets, particularly with respect to mainstream financial integration and investor protections.
While inter-chamber coordination between the House and Senate remains a challenge, the upcoming months are shaping up to be pivotal for crypto regulation in the U.S.
