Senator Tim Scott has announced that the bill regulating cryptocurrency markets in the U.S. will be completed by September 30, 2023.
Announcement on Regulation Timeline
U.S. Senate Banking Committee Chairman Tim Scott announced the completion of a bill that includes comprehensive regulations for cryptocurrency markets in the country. Scott stated that the legislation will be finalized by September 30, later than the target set by President Donald Trump but earlier than the year-end estimate from Senator Cynthia Lummis.
Challenges in the House of Representatives
Despite the optimism in the Senate, the House of Representatives has not been as clear on its stance regarding the legislation. The House has made progress on the Digital Asset Market Clarity Act but has yet to decide on the stablecoin regulation known as the GENIUS Act. House Financial Services Committee Chairman French Hill remarked that there are still some outstanding differences between the Senate bill and the House's version.
Senators' Predictions on Legislation Completion
Senator Lummis had previously stated that she expected all cryptocurrency regulatory efforts to be completed by the end of the year, while President Trump insisted that the process be finalized before the August recess of Congress. Scott confirmed that it is realistic to expect completion of the new regulations by the end of September.
Hence, the cryptocurrency market regulation legislation may be passed by the end of September. However, challenges remain in reconciling it in the House of Representatives.
