Senate leaders press for fast passage of Genius Act and set Sept. 30 deadline for market-structure bill

Chairman Scott and Senator Cynthia Lummis framed the Genius Act as the foundation for broader market-structure legislation and set a Sept. 30 target for drafting, markup and completion, saying Congress needs clear rules so innovation stays in the United States.

At a session of the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Scott said the administration’s mandate to “make America the crypto capital of the world” makes market structure “nonnegotiable.” He called for a market-structure bill draft before the August recess and a markup in September, reiterating that the Senate must secure the votes needed for floor passage.

Senator Cynthia Lummis, identified in the session as chairwoman of the committee’s work on digital assets, described digital money’s potential for retirement funds, endowments and everyday commerce and said stablecoins are “100% US dollar backed, are backed by US treasuries,” a claim she tied to broader Treasury-market implications. Lummis also said private forensic firms and FinCEN have testified that “it’s easier to solve a crime in digital assets than it is to solve a crime in cash,” a point she cited in defense of including AML measures in legislative language.

Both senators and the White House’s executive director, Beau, emphasized balancing regulatory clarity with preventing overregulation that could push innovation offshore. Lummis said the committee will work to clarify jurisdictional lines between the SEC and the CFTC and to define “ancillary assets” that can blur securities and commodities distinctions.

The senators described a multiyear drafting process in which industry stakeholders and House counterparts have vetted language; they noted past procedural hurdles with the Genius Act, including a failed cloture vote that led to further negotiations. Chairman Scott stressed the need for bipartisan support in the Senate and regular coordination with House members, saying the committees “speak at least every other week, if not weekly.”

Why it matters: The committee’s timeline and the twin priorities—stablecoin rules now and a separate market-structure bill soon—signal a coordinated push to give the industry legal clarity, embed investor protections and include AML tools that lawmakers say will make enforcement more effective. The senators said they intend to finish drafting and to shepherd the measure through committee and the Senate calendar on an expedited timetable.

Next steps: The committee will continue drafting market-structure legislation, engage with FinCEN and intelligence committees as needed, and coordinate with House counterparts with the goal of sending the bills to the president’s desk. No formal votes or amendments were recorded during this session.