Senate to unveil CLARITY Act draft by August, vote by Sept. 30, and push House to pass GENIUS Act as-is for swift crypto regulation.
The Senate will release a draft of its digital asset market structure legislation, the CLARITY Act, before the August recess, according to Senators Tim Scott, Cynthia Lummis, and Bo Hines during a press conference on Thursday.
The senators also verified that the Senate Banking Committee will vote on the CLARITY Act in September. They underscored the necessity for the House to take swift action on the GENIUS Act.
The Senate is expected to complete the CLARITY Act by September 30
Senator Tim Scott, the Chairman of the Senate Banking Committee, has announced that the CLARITY Act will be voted on by the end of September. “I believe that is a reasonable expectation,” Scott stated at the press conference. He verified that the draft version of the digital asset market structure bill will be published before the Senate’s August recess.
The Senate’s Digital Assets Subcommittee, which Senator Cynthia Lummis chairs, has endorsed Scott’s timeline and verified that the committee is making efforts to adhere to it. Yes, sir. She replied, “You are the chairman, and we will comply with your directives.” The Senate’s primary legislative framework for regulating digital asset markets is anticipated to be the CLARITY Act.
Bo Hines, a White House adviser on crypto policy, also expressed support for the end-of-September objective, stating,
“We are committed to getting market structure done by the end of September. Period.”
The Senate is advocating for the passage of the GENIUS Act, while the House is experiencing a delay.
The senators emphasized the importance of the House of Representatives passing the Senate-approved GENIUS Act without delay during the event. The stablecoin regulations are the primary focus of the law, which the Senate has already approved. Senator Scott stated that President Trump is eager to sign the GENIUS Act into law as soon as feasible.
Scott stated, “I have been unequivocal in my belief that the president’s directive to expedite the GENIUS Act to his desk is in the best interest of the American people.” Bo Hines also stated that the White House prefers the House to approve the bill without introducing any amendments.
French Hill, the House Financial Services Committee Chairman, has not specified a timeline. He indicated that the House may need to resolve discrepancies between its stablecoin proposal and the GENIUS Act, which could impede the advancement of both measures.
The House Market Structure Bill Is Seen as a Model
Senator Scott commended the House’s Digital Asset Market Clarity Act, which has already passed the committee and is awaiting a vote on the House floor despite the delays on the House side. He stated that the House version can effectively guide the Senate’s work on the CLARITY Act.
Scott stated, “The Clarity Act, the market structure bill of the House, serves as a robust framework for us to advance.” The Senate version of the CLARITY Act will continue to advance the policy framework previously discussed by both chambers while incorporating many of the same objectives.
Scott prioritized cooperation. “The two chambers are a single team,” he stated, emphasizing the necessity of collaborative endeavors in crypto legislation.
Plans for the Bitcoin Reserve and Digital Asset Infrastructure
Bo Hines affirmed that the administration is currently developing the infrastructure for a strategic U.S. Bitcoin reserve and legislative updates. He stated that the administration may still disclose information to the public even though President Trump’s executive order from March did not mandate the Treasury to report on government-held Bitcoin.
Hines also stated that the objective is to acquire additional Bitcoin in a manner that is both cost-effective and sustainable. A White House official emphasized the importance of the United States securing as much Bitcoin as possible, stating that it is “digital gold.”
The CLARITY Act draft is expected to be released by legislators in the upcoming weeks, and whether both chambers can achieve the objective of implementing a comprehensive digital asset framework by September 30 remains a topic of concern.
