Catenaa, Monday, June 30, 2025- Officials from the White House and Congress said last Thursday (26) they had planned to pass two major cryptocurrency bills by the end of September, separating stablecoin rules from a broader market structure framework.
During a fireside chat Thursday, Senate Banking Committee Chair Tim Scott, R-S.C., and Sen.
Cynthia Lummis, R-Wyo., joined Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, to outline a timeline.
They aim to release a draft stablecoin bill before the August recess and mark up both measures in September.
The first bill, the GENIUS Act, cleared the full Senate last week.
It would require stablecoins to be fully backed by US dollars or similarly liquid assets, mandate annual audits for issuers with market capitalizations above $50 billion and set rules for foreign issuance.
It also bars nonfinancial public companies from issuing stablecoins unless they meet strict criteria.
The House has also advanced its own stablecoin proposal but has yet to vote.
Lawmakers expect to adopt the Senate version to secure bipartisan support. President Donald Trump has publicly urged that stablecoin legislation reach his desk by August.
Separately, the House-approved Clarity Act would define how the Securities and Exchange Commission and Commodity Futures Trading Commission share authority, require digital asset firms to segregate customer funds and provide clear disclosures.
Scott said he is coordinating closely with House leaders to ensure both bills move forward swiftly.
