U.S. Republicans Announce Plans to Legislate 'Digital Asset Market Structure Act' by September

The leadership of the U.S. Senate Republican Party, following the passage of the GENIUS Act (Stablecoin Regulatory Bill), is now moving forward in earnest with legislation to reform the digital asset market structure. A roadmap has also been presented to process this bill by September.

On the 26th (local time), Tim Scott, a Republican Senator who serves as the Chairman of the Senate Banking Committee, stated at a discussion on the 'Digital Asset Market Structure Bill'—attended by Republican Senator Cynthia Lummis and Bo Hines, White House advisor on virtual assets (cryptocurrencies)—that "for the digital asset market to function properly, Congress must swiftly advance legislation related to market structure and stablecoins," and that "the goal is to pass the market structure bill by September 30."

Cynthia Lummis, the Republican Senator, responded, "I agree, and the Senate will work to prepare for this." Lummis also remarked at the 'Bitcoin Policy Summit' held the previous day that "it would be extremely disappointing if both the GENIUS Act and the market structure bill do not pass before 2026."

Currently, the GENIUS Act has passed the Senate and is awaiting consideration in the House, while the market structure bill is yet to be scheduled for a vote in either chamber. Senator Lummis stated, "We plan to release a draft of the market structure bill before the August recess and push for a committee vote in September."