A key Republican senator is expressing doubts regarding the timeline for passing a comprehensive crypto bill in the United States, signaling that disagreements within the party could potentially stall the legislation. Senator John Kennedy (R-LA) has voiced concerns that he and other lawmakers still have "a lot of questions" about the proposed framework.

Kennedy's warning is in contrast to the push by Senate Banking Committee Chair Tim Scott (R-SC) to advance the measure. According to a report by POLITICO, Kennedy described the market structure bill as a "full leap," especially compared to the previously passed stablecoin legislation, which he called a "baby step".

Senator Scott's office maintains that the legislation is "long overdue," but some Democrats on the committee also oppose the fast-tracked timeline. Senator Andy Kim (D-NJ) suggested that moving forward with a vote this month would be "a mistake," highlighting growing bipartisan concern over the readiness for a vote on US crypto regulation.

The proposed crypto legislation aims to overhaul how cryptocurrencies are regulated, dividing oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Achieving this regulatory clarity is a top priority for crypto firms operating in the U.S.

Kennedy previously expressed concern that the bill could give the crypto industry too much influence over the legislative process. His public comments, combined with Democratic reluctance, make the September 30 deadline for the crypto market structure bill seem increasingly unlikely to be met, raising concerns among investors and firms.

Jeff Naft, speaking on behalf of Scott, said that lawmakers have been working since June toward a September markup, citing thousands of pages of feedback and consultations with roughly 160 stakeholders. He added that Banking Committee Republicans believe advancing a bipartisan framework is "long overdue".

The House has already passed its own version of the legislation, known as the CLARITY Act, in July. Meanwhile, Senate Republicans introduced the GENIUS Act earlier this summer, creating new rules for stablecoins pegged to the U.S. dollar.

Senator Lummis said that she thinks passage of the Genius Act, the Senate's stable coin bill could happen by Memorial Day.

Treasury Secretary Scott Bessent urged the Senate to pass the bill, saying it could help stablecoins “grow into a $3.7 trillion market by the end of the decade”.