The US Senate has set new deadlines for passing a cryptocurrency regulation bill, but delays in the House of Representatives could prolong the process.
Timeline for Regulatory Completion
Senate Banking Committee Chair Tim Scott has established a new target for completing crypto market structure legislation: September 30. He expressed confidence that this timeline is 'realistic,' despite it moving beyond the president's preferred August deadline.
Division Between Congressional Chambers
While the Senate appears confident, the House of Representatives shows a lack of clarity. Financial Services Chair French Hill has not committed to the Senate’s schedule, which may act as a roadblock to passing the legislation. While a clarity bill is progressing in the House, there are doubts about the leadership's support for the Senate's GENIUS Act version on stablecoins.
Impact of Delays on the Market
Prolonged delays could negatively affect US markets as the European Union is already taking steps to regulate cryptocurrencies through its MiCA framework, while Asian crypto hubs continue to thrive amid regulatory paralysis in the United States.
Prospects for passing cryptocurrency legislation in the US remain uncertain, and Senate expectations may not align with the realities in the House of Representatives.
