Washington, DC – The American senator Tim Scott, president of the senatoric banking committee, told a White House crypto advisor on Thursday that the legislation establishing rules for the American cryptography markets would be completed on September 30 – later that President Donald Trump had in mind, but earlier than the end of year prediction of one of the main laws.
During a press event Thursday in the courtroom of its committee, Scott told Trump Crypto, the Crypto, Bo Hines, that the new deadline was possible for legislation, and expressed its agreement with Trump that the House of Representatives of the United States should also quickly sign the Stable bill that the Senate adopted last week.
Scott, whose committee recently shared certain directives on how certain senior Republicans want the regulations on the markets to look, said that he intended for a calendar “seeing the market structure completed before the end of September. I think it is a realistic expectation”.
To this, senator Cynthia Lummis, who directs the subcommittee of digital assets focused on this work, said: “Yes, sir. You are the president, and we will do what you wish.”
Meanwhile, Top House legislators hesitated to announce their own strategy for the two related bills on the structure of the cryptographic market and stablecoins. The room was at the top of the old question, its law on the clarity of the digital asset market that has cleaned the necessary committees on the road to the room. But the representative French Hill, the president of the Committee of Financial Services of the Chamber who leads the accusation, refused to reveal whether the Chamber will move on the purchase and the establishment of the national innovation of the Senate for the American Stablescoins (GENIUS) Act.
Hill reported this week that he thought that certain problems must be resolved between the Act respecting engineering and the legislation on the stables of the Chamber, which suggests a longer process which could compromise the short -term deadlines that the Senate has in mind.
Senator Lummis had only the day before during an event in Washington that she predicted that all the legislation of cryptography would be completed by the end of the year. This suggested a window going much later than President Trump’s wish to finish with the August Congress break. But even the September 30 calendar of Scott goes longer than Trump asked.
A potential obstacle to a rapid process is immediately apparent: there is no sense of correspondence from the Senate Agriculture Committee, which must also weigh on this major and complex legislation. Until now, the banking committee has led the costs on the structure of the market, but it cannot approve the bill by itself, and Lummis recognized after the event on Thursday that the process was not as urgent for this other committee.
For his part, the White House Hines declared that the president promotes the Chamber which simply signed the bill on the stables that the Senate approved, without more work on it, and he praised the commitment of the chronology taken by Scott and Lummis, adding: “I think it is very clear that you both understand what is going on.”
In a answer to a Coindesk question about work with the house, Scott said the two rooms are “a team”.
“I have been very clear that I think that the president’s mandate to move the genius immediately acts at his office is in the best interest of the American people,” said Scott. “I believe that we can do both in a case very sensitive to time, and that is why I have signed up in a deadline.”
He said that the Bill on the Structure of the Chamber Market, the Clarity Act, is a “solid model so that we can move forward”.
Read more: the main Crypto senator sees the end of the year as an American legislative target
