U.S. lawmakers set a deadline for Crypto Assets legislation in September, vowing to take a global leadership role.

According to Gate News bot, Bitcoin News reports that U.S. lawmakers are setting the tone for leadership in the digital asset space, aiming to solidify the U.S. position as the global center for Crypto Assets innovation through legislation.

On June 26, Senate Banking Committee Chairman Tim Scott (Republican from South Carolina) along with Digital Assets Subcommittee Chair Cynthia Lummis (Republican from Wyoming) and Executive Director of the President's Digital Asset Advisory Committee Bo Hines outlined the legislative focus in the digital assets field. Scott stated during a speech in Washington, D.C.: "America is open for business. We will be the world's crypto assets capital — that's it — that's our goal. We will achieve our goal. I believe this is the fastest path for America to economic hegemony, and there is no other way to achieve it."

"This point must be insisted upon... Anyone who questions this is wrong. Therefore, we need to ensure that we do our utmost to become the world of innovative capital," the legislator added.

The senator emphasized that regulatory transparency is crucial for ensuring its leadership position.

"Taking action on market structure is inevitable... Certainty and predictability are the pathways to excellence for any business," he explained, criticizing the Biden administration for undermining this principle.

Scott has set September 30 as the deadline for completing the market structure legislation, reflecting his confidence in both parties' ability to move the legislative process forward swiftly. "I have always been very clear that I believe the President is authorized to immediately send the GENIUS Act to his desk, which is in the best interest of the American people and ensures the completion of market structure legislation before September 30."

He emphasized and added, "I believe we can accomplish these two things in a very tight timeframe, which is why I am committed to completing the task before the deadline. The congressman highlighted past achievements, including the successful passage of the GENIUS Act in the Senate on June 17, which aims to establish a regulatory framework for payment stablecoins."

The new principles released by Scott, Loomis, and their Republican colleagues will guide the drafting of comprehensive digital asset laws. Participation from stakeholders in the industry, legal community, and academia is expected to ultimately influence the final proposal.