Crypto Regulation: Senate Banking Committee Sets Ambitious September Goal for Market Structure Bill

Big news from Capitol Hill! The US Senate Banking Committee is setting its sights on a crucial deadline for establishing clear rules for the digital asset market. If you’re invested in the crypto space, understanding the path forward for **crypto regulation** in the United States is key, and September is now marked as a target month for significant legislative movement.

The Push for Crypto Regulation

Senator Tim Scott, who chairs the powerful Senate Banking Committee, recently shared an ambitious goal: getting legislation passed for digital asset market structure by the end of September. This announcement comes after the Senate successfully passed the GENIUS stablecoin bill, signaling a clear legislative focus on the crypto sector. Senator Scott emphasized during a discussion with Senator Cynthia Lummis and White House crypto adviser Bo Hines that comprehensive legislation for both market structure and stablecoins is essential for the digital asset market to ‘function completely’. Setting a target of September 30th provides a clear timeline for lawmakers.

What is the Market Structure Bill?

At its core, a **market structure bill** aims to create clear guidelines for companies operating with digital assets in the United States. Think of it as establishing the foundational rules of the road. A major goal is to clarify which digital assets are considered securities, falling under the Securities and Exchange Commission (SEC)’s authority, and which are commodities, overseen by the Commodity Futures Trading Commission (CFTC). This clarity is something the crypto industry has been asking for, hoping to reduce uncertainty and potential conflicts with regulators.

During the recent discussion, Senator Lummis mentioned the possibility of drafting a Senate version of a market structure bill and potentially looking at the House’s proposed legislation, the Digital Asset Market Clarity Act (CLARITY Act), for reference. The CLARITY Act has moved out of committee in the House, but the Senate seems prepared to pursue its own path, aiming for drafting potentially before the August recess and scheduling a markup in September.

Inside the Senate Banking Committee’s Strategy

The drive for this September goal is coming directly from the leadership of the **Senate Banking Committee**. Senator Lummis expressed strong support for Chairman Scott’s timeline, stating, ‘You’re the chairman, and we will do as you wish. We will make sure that we’re ready to do that.’ This collaboration between key senators suggests a unified effort within the committee to tackle digital asset legislation proactively. Senator Lummis has previously indicated her desire to see both stablecoin and market structure bills passed well before 2026, highlighting the perceived urgency.

The Digital Asset Bill Landscape: Senate vs. White House

The timelines discussed by Senators Scott and Lummis present an interesting dynamic when compared to statements from the White House. While the Senate Banking Committee is targeting September for market structure, former President Donald Trump recently urged the House to pass the GENIUS **stablecoin bill** and send it to his desk ‘ASAP’. It’s not entirely clear when the House will take up a vote on the stablecoin bill, and the focus on market structure in the Senate suggests potentially different pacing or priorities between the chambers and the executive branch.

Beyond the Stablecoin Bill: Next Steps

With the GENIUS **stablecoin bill** having passed the Senate and now awaiting consideration in the House, the focus for the Senate Banking Committee has clearly shifted to the next piece of the puzzle: market structure. While the stablecoin bill addresses one critical aspect of the digital asset ecosystem, a comprehensive **digital asset bill** addressing market structure is seen as necessary for broader regulatory clarity and industry growth in the US. The September goal represents the Senate’s commitment to advancing this crucial legislation relatively quickly.

In summary, the chair of the Senate Banking Committee, Senator Tim Scott, has set a target of September 30th for passing a digital asset market structure bill. This follows the Senate’s passage of the stablecoin bill and is supported by other key senators like Cynthia Lummis. The goal is to provide much-needed regulatory clarity for the crypto industry, defining roles for agencies like the SEC and CFTC. While timelines may vary slightly compared to other branches of government, the September goal from the Senate signals a serious legislative push that could significantly impact the future of crypto in the United States.