Republican Senators anticipate Democratic backing for crypto market structure bill
- Senator Tim Scott said he expects between 12 and 18 Democrats to support the CLARITY bill.
- He stated that a few opposition politicians, including Senator Elizabeth Warren, are preventing larger participation from Democrats.
- The House passed the CLARITY bill with bipartisan support in July alongside the GENIUS Act and Anti-CBDC bill.
Senate Banking Committee Chair Tim Scott stated at the Wyoming Blockchain Symposium on Tuesday that he expects up to 18 Democrats to show support for the passage of the market structure CLARITY bill amid opposition from fellow committee member Elizabeth Warren.
Senator expects Democrats to support CLARITY bill
Senate Banking Committee Chair Tim Scott said on Tuesday that Democratic lawmakers may support the passage of the Digital Asset Market Clarity (CLARITY) bill, much like they did with the GENIUS Act.
Tim Scott, who is driving efforts to advance the bill, stated at the Wyoming Blockchain Symposium in Jackson Hole that he expects 12 to 18 Democrats to vote in favor of the market structure bill.
"I believe that we'll have between 12 and 18 Democrats at least open to voting for market structure," said Sen. Scott.
He added that long-time crypto critic Sen. Elizabeth Warren stands as a major obstacle to gaining more Democratic support.
"The forces against it, let me just say it clearly, like Elizabeth Warren, standing in the way of Democrats wanting to participate," he added.
Warren has constantly criticized crypto bills on the Senate floor, including the GENIUS Act before it passed. She warned in July that the CLARITY Act could undermine securities laws by letting non-crypto companies tokenize assets to sidestep the Securities and Exchange Commission (SEC) oversight.
The CLARITY bill aims to establish a clear regulatory framework for digital assets. The bill seeks to resolve regulatory uncertainty by clearly outlining the jurisdiction of government agencies over crypto markets, with primary oversight given to the Commodity Futures Trading Commission (CFTC) and the SEC.
The House passed the CLARITY bill with bipartisan support in July, alongside the GENIUS Act and Anti-CBDC bill. President Trump signed the GENIUS Act shortly after, while the other bills headed to the Senate for final deliberations.
Tim Scott, alongside Subcommittee on Digital Assets Chair Sen. Cynthia Lummis, Sen. Thom Tillis, and Sen. Bill Hagerty, released a set of principles to help guide the market structure legislation in June.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
