Senator Tim Scott, the head of the US Senate Committee on Banking, Housing, and Urban Affairs, recently expressed his belief that a cryptocurrency market bill will become law by August 2025.
The chairman additionally pointed out the Senate Banking Committee’s progress of the GENIUS Act, a thorough stablecoin regulatory proposal, in March 2025, as proof that the committee is prioritizing cryptocurrency policy. In a remark to Fox News, Scott stated:
“We must innovate before we regulate — allowing innovation in the digital asset arena to take place here domestically is vital for American economic leadership on a global scale.”
Scott’s anticipated schedule for a crypto market framework bill aligns with predictions from Kristin Smith, CEO of the Blockchain Association, an advocacy group for the crypto industry, regarding market structure and stablecoin legislation being enacted by August.
The Trump administration has stressed that comprehensive cryptocurrency regulations are central to its agenda for safeguarding the value of the US dollar and positioning the nation as a pioneering force in digital assets, aimed at attracting investment to US-based crypto ventures.
Senator Tim Scott underscores the Senate Banking Committee’s objectives and achievements in 2025. Source: Fox News
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Bipartisan backing for extensive crypto regulations
US lawmakers and officials anticipate that explicit cryptocurrency policies will be developed and enacted into law in 2025 with bipartisan support from Congress.
During the Digital Assets Summit in New York City on March 18, Democratic Representative Ro Khanna remarked that he expects both the market structure and stablecoin proposals to be approved this year.
The Democratic lawmaker further added that approximately 70-80 other representatives within the party recognize the necessity of establishing clear digital asset regulations in the United States.
Treasury Secretary Scott Bessent, portrayed on the left, President Donald Trump in the center, and crypto czar David Sacks, shown on the right, at the White House Crypto Summit. Source: The White House
Khanna stressed that other Democrats are in favor of dollar-pegged stablecoins because of their role in enhancing the demand for the US dollar globally through the internet.
Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, also addressed the conference and predicted that stablecoin legislation would be enacted within 60 days.
Hines emphasized that achieving US dominance in the digital asset field is a goal that garners broad bipartisan support in Washington DC.
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