Senator Scott aims for crypto bill approval by August 2025

Senator Tim Scott, chair of the US Senate Committee on Banking, Housing, and Urban Affairs, said he is confident that crypto market structure legislation will be passed by August 2025.

Speaking to Fox News, Scott emphasised that advancing digital asset policy is a clear priority for the committee, citing the approval of the GENIUS Act — a stablecoin-focused bill — in March 2025.

“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 stated.

The timeline for passing crypto legislation aligns with expectations from Kristin Smith, CEO of the Blockchain Association, who also projected that both market structure and stablecoin frameworks could become law by August.

The Trump administration has supported the establishment of a comprehensive crypto regulatory framework to safeguard the dollar and attract global investment into US-based crypto initiatives.

During the Digital Assets Summit held in New York on March 18, Representative Ro Khanna expressed confidence in bipartisan progress on crypto policy.

“There are around 70 to 80 Democrats who understand how important it is to get this done,” he said.

Khanna also pointed out that many Democrats back dollar-pegged stablecoins, noting their relevance to boosting demand for the US dollar in online markets.

Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, projected that stablecoin legislation could pass within the next 60 days.

According to Hines, bipartisan agreement on establishing US dominance in digital assets remains strong within Congress.

The recent progress on the GENIUS Act, alongside growing congressional alignment, signals that policymakers are prioritising legislative clarity for digital assets ahead of the August deadline.

If passed, the market structure and stablecoin bills would be key steps in defining the United States' approach to crypto regulation in 2025.