Tim Scott, chairperson of the U.S. Senate Banking, Housing, and Urban Development Committee, recently said he expects a cryptocurrency market bill to be passed into law by August 2025. Scott also cited the Senate Banking Committee's move in March 2025 to advance the GENIUS Act, a comprehensive stablecoin regulation bill, as evidence that the committee is prioritizing crypto policy. In a statement to Fox News, Scott said: "We must innovate before regulation - allowing innovation in the digital asset space to happen domestically is critical to U.S. economic dominance around the globe." Scott's timeline for the cryptocurrency market structure bill is in line with expectations from Blockchain Association CEO Kristin Smith, who expects market structure and stablecoin legislation to be passed into law by August.