Senator Tim Scott, chair of the US Senate Banking Committee, has announced the intent to pass legislation regarding digital asset market structure by the end of September.
Senators' Legislative Goals
During a discussion with Wyoming Senator Cynthia Lummis and White House crypto advisor Bo Hines, Scott stated that for the market to function efficiently, legislation for market structure and stablecoins is necessary, establishing a goal to pass the bill by September 30.
Anticipations from Legislation
In response to Scott's goals, Lummis confirmed, "You're the chairman, and we will do as you wish." They also discussed the prospects of passing the GENIUS Act concerning stablecoins, which is currently awaiting consideration in the House after being passed by the Senate.
Prospects for Further Legislation
Lummis suggested that the Senate might consider the House's proposed CLARITY Act as a guide in drafting their legislation. This bill aims to provide clearer guidelines for digital asset companies operating in the U.S., including definitions for digital assets qualifying as securities.
The senators' statements regarding digital asset legislation highlight the need for clarity in regulations for this rapidly evolving market. They intend to advance and pass the relevant laws in the coming months.
