On June 26, Senator Tim Scott, Chairman of the Senate Committee on Banking, made a bullish statement for the cryptocurrency sector, saying, “America is open for business; We will be the cryptocurrency capital of the world – period.”
Chairman @SenatorTimScott on delivering on President Trump’s agenda:
“America is open for business. We will be the cryptocurrency capital of the world – period.” pic.twitter.com/aQk3kedNi1
— U.S. Senate Banking Committee GOP (@BankingGOP) June 26, 2025
Under the leadership of crypto-friendly POTUS, Senator Tim Scott is closely working with brilliant minds like Senator Cynthia Lummis and Bo Hines to bring a clear regulatory framework for digital assets. This aligns with US President Donald Trump’s vision to make America crypto capital. “It’s a new era for the digital assets industry in Washington,” Tim Scott said.
Senator Scott Talks Crypto Regulation Plans
On Thursday, Senator Tim Scott shared his plan with a White House crypto adviser, saying that he sees the market structure for the cryptocurrency market completed before the end of September. He said, “I think that is a realistic expectation.”
This move comes after intense pressure from former President Donald Trump, who wants the laws finished even sooner, by August. Senator Cynthia Lummis, in charge of crypto issues for the committee, immediately agreed to Scott’s plan, stating: “Yes, sir. You’re the chairman, and we will do as you wish.”
On June 17, the Senate passed a stablecoin bill called the GENIUS Act, but the House has not agreed to it yet. House leader French Hill hinted that changes are needed, which could slow things down.
The Senate Agriculture Committee must also review the bigger “market structure” bill, and they have not shown the same urgency as the Banking Committee.
While the House has its own crypto market bill ready, it is unclear if they will simply accept the Senate’s stablecoin bill or push for changes.
Despite the challenges, Trump’s advisor, Bo Hines, praised the senators’ commitment to the September deadline, saying: “I think it’s very clear you both understand what’s happening.”
Senator Scott also highlighted cooperation with the House, calling them “one team,” and endorsed using the House’s market structure bill as “a strong template for us to move forward on.”
Earlier, Treasury Secretary Scott Bessent said, “Crypto is not a threat to the dollar. In fact, stablecoins can reinforce dollar supremacy. Digital assets are one of the most important phenomena in the world right now, yet they have been ignored by national governments for far too long.
He added more, “This administration is committed to establishing the United States as a hub for digital asset innovation, and the GENIUS Act moves us one step closer to that goal.”
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