Washington, DC-The US Senator Tim Scott, chairman of the Senate Bank Committee, on Thursday told a Crypto adviser at the White House that the legislation creating rules for the US crypto markets will be completed by September 30-Senes than President Donald Trump had in mind, but earlier than the end of the year from one of the leading legislators who prepared the bill.
At a press event on Thursday in his committee’s hearing room, Scott Trump Crypto adviser Bo Hines told the new deadline possible for the legislation, and expressed agreement with Trump that the US Representative House should also quickly sign on the stablecoin bill, the Senate passed last week.
Scott, whose committee recently shared some guidelines on how some senior Republicans want the market rules to look like, said he intends to a timeline “See the market structure completed by the end of September. I think it is a realistic expectation.”
To that, Senator Cynthia Lummis, who heads the Digital Assets Sub -Committee that focused on this work, “Yes, Sir. You are the President and we will do as you wish.”
Meanwhile, the supreme landlords have been hesitant to advertise their own strategy for the two related bills on crypto -market structure and stableecoins. The house had been in the lead in the previous question, where the digital asset market clarity law had cleared the necessary committees on the way to the house base. But representative French Hill, the chairman of the House Financial Services Committee, who leads the charge, refused to reveal whether parliament will move on the Senate’s guidance and the establishment of national innovation for us stableecoins (Genius) Action.
This week, Hill signaled that he believes that some questions should be prepared between the Genius Act and Parliament’s own stablecoin law, which suggests a longer process that can bring the short-term deadlines that the Senate is capable of.
The Senator Lummis had only said the day before at a Washington event that she predicted that all the crypto reimbursement would be completed by the end of the year. It suggested that a window would go much later than President Trump’s desire to end at the August Congressional Break. But even Scott’s September 30 -time line goes further than Trump requested.
A potential obstacle to a quick process appears instantly: There is no matching sense of the Senate Agricultural Committee, which will also weigh this large, complex legislation. So far, the Bank Committee has been charging the market structure, but it cannot approve the bill on its own, and the Lummis acknowledged after the Thursday event that the process has not been so urgent for the second committee.
In turn, the White House Hits said that the president favors the house that simply signed up for the stablecoin bill, the Senate approved, without further work with it, and he praised the timeline commitment made by Scott and Lummis, adding, “I think it is very clear that you both understand what is happening.”
In a response to a Coindesk question about working with the house, Scott said the two chambers are “a team.”
“I have been very aware that I think the president’s mandate of moving genius action immediately to his desk is in the best interest of the American people,” said Scott .. “I think we can do both in a very time-sensitive matter, and that is why I have committed to a deadline.”
He said the house’s market structure, Clarity Act, is a “strong template for us to move on.”
Read more: Leading Krypto Senator sees the end of the year as the US legislative goal
