White House and Senators Push for Crypto Surveillance Law
On Thursday, a White House adviser alongside two prominent senators announced plans to establish regulations for the cryptocurrency sector, aiming for completion by the end of September, with a proposed early August deadline.
Senate Banking Committee Chairman Tim Scott (R-S.C.) laid out this new timeline during an informal discussion with Senator Cynthia Lummis (R-Wyo.) and Beau Hines, the executive director of President Trump’s Council on Digital Assets. “We want to see the market structure finalized by the end of September and establish a clear timeline,” Scott remarked. “I think that’s a realistic expectation.”
Lummis, who leads the Senate Banking Subcommittee on Digital Assets, expressed optimism about meeting the new deadline. She indicated hopes that Congress would conclude its business for August and unveil the draft legislation before the September markup session.
Hines also mentioned this timeline in a post on Social Platform X, stating, “As mentioned today, we are working to achieve the market structure by the end of September. Period.”
This initiative follows earlier efforts by the Trump administration and GOP leaders, which aimed to enact both market structure and stablecoin regulations before the August recess.
The proposed market structure laws would aim to divide oversight of the digital asset market between the Securities and Exchange Commission and the Commodity Futures Trading Commission. On the other hand, the stablecoin regulations would establish a framework for a dollar-backed cryptocurrency.
After the Senate recently approved the stablecoin bill known as the Genius Act, Trump urged the House to expedite the process without significant alterations.
However, there are concerns from some in the crypto industry and Congress about separating the stablecoin and market structure legislation. They fear that if these two bills are not tied together, the latter may lose momentum.
“I believe the president’s objective to swiftly get his Genius Act to his desk serves the best interests of Americans,” Scott noted. “What they’re concerned about is not finalizing the market structure soon enough.” He added, “We believe we can tackle both in a timely manner, which is why we committed to a deadline we can achieve.”
