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White House's Bo Hines Joins Sens. Scott and Lummis on Digital Asset Market Structure Timeline

June 26, 2025 · U.S. Senate Banking Committee GOP · 0:35:41

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What happened

Bo Hines, Executive Director at the White House for digital assets as the participants described his role, moderated a June 26, 2025 discussion with Senate Banking Committee Chairman Tim Scott and Sen. Cynthia Lummis on making America the crypto capital of the world, as the participants framed President Trump’s mandate. Hines said the GENIUS Act would revolutionize the financial system with instant settlement, cost-effective transactions and transparency, and would secure U.S. dollar global dominance for decades to come, as he put it. He said the group looked forward to the House sending GENIUS to the President’s desk and then to market structure legislation giving the industry clarity to build in the United States.

Scott set a timeline of seeing market structure completed before the end of September, calling it a realistic expectation, and Lummis said a draft bill would be put out before the August recess and marked up in September, drawing on House legislation, the Lummis-Gillibrand bill and the committee’s principles, as she laid out the schedule. Scott argued market structure is essential to democratization and lower costs, citing Kentucky Fried Chicken franchisees who told him the GENIUS Act was like a 3 percent increase in profits overnight, as he recounted it.

On illicit finance, Scott said cash is the easiest vehicle for money laundering and that a blockchain footprint makes digital-asset crime easier to solve, and Lummis said the committee works with FinCEN and firms such as Chainalysis, whose analysts have testified it is easier to solve a crime in digital assets than in cash, as she stated it. Hines closed by echoing the President’s call to move on GENIUS immediately and have a signing ceremony at the White House.

Why it matters

The discussion is the clearest joint statement by the White House’s crypto lead and the Senate Banking leadership of what would follow the GENIUS Act, including a public completion date for market structure legislation.

Scoreboard watch

Scott committed to completing digital asset market structure legislation before the end of September 2025, with a draft before the August recess and a September markup, as he and Lummis stated the schedule. The dated commitment is recorded here without a verdict.

Sources: U.S. Senate Banking Committee GOP, “Chairman Scott Joins Senator Lummis, Bo Hines for Discussion on Digital Asset Market Structure”, 2025-06-26 (official upload, embedded above; published 2025-06-26). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.