At a Thursday press conference, Senators Tim Scott, Cynthia Lummis, and Bo Hines confirmed that the Senate will release a draft of its digital asset market structure legislation, the CLARITY Act, before the August recess.
The senators also confirmed that the Senate Banking Committee will vote on the CLARITY Act in September and emphasized the need for swift action from the House on the GENIUS Act.
Senate to Finalize CLARITY Act by September 30
Senator Tim Scott, Chairman of the Senate Banking Committee, stated that a vote on the CLARITY Act will take place by the end of September. “I think that is a realistic expectation,” Scott said during the press conference. He confirmed that the draft version of the digital asset market structure bill will be released before the Senate breaks for August recess.
Senator Cynthia Lummis, who leads the Senate’s Digital Assets Subcommittee, voiced support for Scott’s timeline and confirmed the committee is working to meet that schedule. “Yes, sir. You’re the chairman, and we will do as you wish,” she responded. The CLARITY Act is expected to serve as the Senate’s primary legislative framework for regulating digital asset markets.
Bo Hines, a White House adviser on crypto policy, also backed the end-of-September goal, stating,
“We are committed to getting market structure done by the end of September. Period.”
Senate Pushes for GENIUS Act Passage as House Stalls
During the event, the senators urged the House of Representatives to pass the Senate-approved GENIUS Act without delay. The bill focuses on stablecoin rules and has already cleared the Senate. Senator Scott said that President Trump wants the GENIUS Act signed into law as soon as possible.
“I’ve been very clear that I think the president’s mandate of moving GENIUS Act immediately to his desk is in the best interest of the American people,” Scott said. Bo Hines added that the White House prefers the House to approve the bill without adding amendments.
House Financial Services Committee Chairman French Hill has not committed to a timeline. He stated that the House may need to reconcile differences between its own stablecoin proposal and the GENIUS Act, which could delay progress on both bills.
House Market Structure Bill Seen as a Template
Despite delays on the House side, Senator Scott praised the House’s Digital Asset Market Clarity Act, which has already passed committee and awaits a vote on the House floor. He said the House version can guide the Senate’s work on the CLARITY Act.
“The House’s market structure bill, the Clarity Act, is a strong template for us to move forward on,” Scott said. The Senate version of the CLARITY Act will reflect many of the same goals while building on the policy framework already discussed by both chambers.
Scott emphasized the importance of cooperation. “The two chambers are one team,” he said, noting the need for unified efforts on crypto legislation.
Bitcoin Reserve and Digital Asset Infrastructure Plans
In addition to legislative updates, Bo Hines confirmed that the administration is working on infrastructure for a strategic U.S. Bitcoin reserve. He said that although President Trump’s March executive order did not require the Treasury to report on government-held Bitcoin, the administration may still release information publicly.
Hines added that acquiring more Bitcoin in a budget-neutral way is a goal. A White House official said, “Bitcoin is digital gold,” and emphasized that the U.S. should secure as much Bitcoin “as we can possibly get.”
As lawmakers aim to release the CLARITY Act draft in the coming weeks, attention remains on whether both chambers can meet the goal of enacting a full digital asset framework by September 30.
