Tim Scott Anticipates Democratic Support in Senate Crypto Bill
At the SALT conference in Jackson Hole, Senate Banking Committee Chair Sen. Tim Scott stated he anticipates between 12 and 18 Democratic senators will support the Senate’s version of the Digital Asset Market Clarity (CLARITY) Act, a critical milestone for passing comprehensive crypto legislation.
A Key Play for Broad Regulatory Framework
The Senate’s draft—nicknamed the “Responsible Financial Innovation Act”—aims to build on the House-passed CLARITY Act while clarifying roles between the SEC and CFTC in overseeing digital assets. Scott noted that securing bipartisan support is essential for reaching the 60‑vote threshold required to move the legislation forward.
Political Crosscurrents: Warren vs. Crypto Clarity
Sen. Scott acknowledged resistance from figures like Sen. Elizabeth Warren, who has raised concerns over compromising regulatory safeguards. Overcoming this institutional pushback will be critical to advancing the bill.
Timeline and Legislative Strategy
The Senate version follows closely behind the GENIUS Act, the stablecoin regulation bill now awaiting the President’s signature. Scott set a target to finalize the market structure legislation by the end of September, marking an aggressive legislative schedule.
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