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