JACKSON HOLE, Wyo. — U.S. Senator Tim Scott, the chairman of the Senate Banking Committee, anticipates up to 18 Democrats may vote in favor of the Senate’s answer to the Digital Asset Market Clarity Act.
“I believe that we’ll have between 12 and 18 Democrats at least open to voting for market structure,” Scott said on stage at the SALT conference in Jackson Hole, Wyoming on Tuesday.
“The forces against it, let me just say clearly, like Sen. Elizabeth Warren, standing in the way of Democrats wanting to participate, it is a real force to overcome,” he said.
While Congress passed — and U.S. President Donald Trump signed — the GENIUS Act, which covers stablecoins, it’s the market structure legislation that the industry is really anticipating. Whatever market structure legislation eventually becomes law will dictate how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will oversee digital assets in the U.S., including spot crypto markets.
The legislation is expected to be finalized before the end of September, Scott previously told former White House crypto adviser Bo Hines.
The Senate Banking Committee introduced a discussion draft bill in July laying out how the Securities and Exchange Commission (SEC) should oversee digital assets after the House voted to advance its Clarity Act the week prior. The Senate Agriculture Committee, which also needs to support this legislation, has not yet published any discussion drafts.
Both bills will need input from the Democratic Party as at least 60 votes are required in order for the bill to move forward through the Senate. Moreover, the House and Senate need to vote on the same bill or reconcile the differences between their bills. The Senate Banking Committee’s discussion drafts have so far diverged sharply from the House’s Clarity Act.
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