Senator Tim Scott expects a crypto market bill to be passed into law by August 2025

The chairman also noted the Senate Banking Committee's advancement of the GENIUS Act, a comprehensive stablecoin regulatory bill, in March 2025

Senator Tim Scott, chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, expects a crypto market structure bill to be passed into law by August 2025, he recently said.

The chairman also noted the Senate Banking Committee’s advancement of the GENIUS Act, a comprehensive stablecoin regulatory bill, in March 2025, as evidence that the committee prioritizes crypto policy.

In a statement to Fox News, Scott said: “The Senate Banking Committee has been busy this year, advancing legislation that will provide much-needed certainty and stability for the digital asset ecosystem in the United States.”

“I am optimistic that we will complete the task of passing a crypto market structure bill, and I expect that to happen by August 2025.”

Scott's timeline for a crypto market structure bill closely aligns with predictions made by Kristin Smith, CEO of the crypto industry advocacy group Blockchain Association. Earlier this year, Smith anticipated both market structure and stablecoin legislation to be passed into law by August.

The Trump administration has heavily emphasized that establishing comprehensive crypto regulations is a key priority.

In December 2024, the administration stated its plans for safeguarding the value of the US dollar and positioning the country as a global leader in digital assets by attracting investment into US-based crypto firms.

Support for comprehensive crypto regulations is bipartisan

US lawmakers and officials expect clear crypto policies to be established and signed into law sometime in 2025 with bipartisan support from Congress.

Speaking at the Digital Assets Summit in New York City, on March 18, Democrat Representative Ro Khanna said he expects both the market structure and stablecoin bills to pass this year.

The Democrat lawmaker added that there are about 70-80 other representatives in the party who understand the importance of passing clear digital asset regulations in the United States.

Khanna highlighted that fellow Democrats support dollar-pegged stablecoins due to the role of dollar tokens in expanding demand for the US dollar worldwide through the internet.

Treasury Secretary Scott Bessent, pictured left, President Donald Trump in the center, and crypto czar David Sacks, pictured right, at the White House Crypto Summit. Source: The White House

Khanna said: “There’s no one in the Democratic Party who's interested in anything other than the US dollar being the reserve currency and the US remaining the dominant economic power.”

Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, also spoke at the conference and predicted that stablecoin legislation would be passed into law within 60 days.

Hines noted that establishing US dominance in the digital asset space is a goal with widespread bipartisan support in Washington DC.