YEREVAN (CoinChapter.com) — Senator Tim Scott, head of the U.S. Senate Banking Committee, said he expects the crypto market bill to pass by August 2025. He made this statement during an interview with Fox News. Scott explained the goal is to support the growth of digital asset legislation without stopping innovation.
He said,
“We must innovate before we regulate — allowing innovation in the digital asset space to happen here at home is critical to American economic dominance across the globe.”
Scott confirmed that the committee had already moved forward with parts of the plan, including the GENIUS Act, a stablecoin legislation package passed in March 2025.
GENIUS Act Becomes First Step in Crypto Regulation
The GENIUS Act, supported by the U.S. Senate Banking Committee, focuses on regulating stablecoins. It sets conditions for issuing dollar-backed tokens and creates new oversight for U.S.-based issuers. The bill passed out of committee with support from both parties.
Tim Scott pointed to the act as proof that lawmakers are actively building the country’s crypto regulation framework. The bill awaits a full Senate vote. If passed, it would become the first federal law to govern stablecoins in the United States.
This act also reflects the larger plan from the Trump administration to use regulation as a way to support the U.S. dollar and attract crypto firms to operate inside the country.
Bipartisan Support Grows Around Digital Asset Legislation
At the Digital Assets Summit on March 18, Representative Ro Khanna said he expects the crypto market bill and stablecoin legislation to pass in 2025. He also mentioned that 70 to 80 other Democrats understand the importance of moving forward with digital asset legislation.
Khanna noted that stablecoins linked to the U.S. dollar can help grow global use of the dollar across internet platforms. His comments echoed the broader push from both parties for defined rules.
Lawmakers from both sides of Congress are now working on final versions of the bills. The goal is to create new rules without forcing crypto companies to move abroad.
Trump Officials Push for Quick Crypto Market Bill Approval
During the White House Crypto Summit, top officials discussed the future of crypto regulation. In the official photo, Treasury Secretary Scott Bessent, President Donald Trump, and David Sacks, the new crypto czar, were present. They reviewed the timeline for upcoming digital asset legislation.
Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, also joined the Digital Assets Summit. He said stablecoin legislation may pass in 60 days. Hines pointed to rising coordination across the White House, Senate, and House of Representatives.
He did not give details on the final version of the bills. However, he noted that the administration views this as part of its strategy to position the United States in digital finance.
The crypto market bill includes proposals on how to define digital tokens, run crypto trading platforms, and manage investor disclosures. These rules are being shaped by input from both financial regulators and private sector leaders.
Tim Scott said the Senate committee has already hosted multiple hearings. These included testimony from crypto companies, economists, and legal experts. The goal is to complete a full draft of the law and align it with House proposals by mid-2025.
