The US Senate has set an ambitious goal for cryptoassets: to pass a market structure bill before the end of September. Banking Committee Chairman Tim Scott, supported by influential figures such as Cynthia Lummis, is ramping up pressure to permanently regulate cryptocurrency exchanges and stablecoins.
A Major Political Effort
- The Digital Asset Market Structure Bill is presented as the key to clarifying the status of cryptocurrencies, defining the roles of the SEC and the CFTC, and establishing rules tailored to platforms.
- This initiative builds on a previous bill, the GENIUS Act, dedicated to stablecoins and already passed by the Senate. The challenge now is to advance the entire regulatory framework.
Tight Timeline and Legislative Coordination
- The committee plans a final vote on the crypto market before September 30, with a drafting phase planned before the summer recess, with a view to a September session.
- While the Senate is showing progress, the bill must also convince the House of Representatives, where two separate projects are underway, one for stablecoins and the other for market structure, with sometimes divergent visions.
Opportunities and Threats
Opportunities:
- Security and Clarity: Consolidated legislation provides a reliable foundation for businesses, fostering innovation and reassuring investors.
- American Dominance: By establishing a robust framework by 2025, the United States could lay the groundwork for a crypto economy centered on its soil, competing with other jurisdictions.
Threats:
- Institutional Obstacles: The bill requires multiple votes and approval by separate committees (House, Agriculture, etc.), which could slow down or dilute the project.
- Risk of Unclear Compromise: If requirements diverge between parties, the result could be an unclear framework, restricting industry players.
Conclusion
With Tim Scott's September target, crypto market reform is entering a decisive phase. While the timeline is ambitious, it reflects a true strategic shift: regulating the sector while encouraging innovation. The challenge remains twofold: reconciling speed, consistency, and legislative effectiveness.
