Thomas Daniels
Senate Banking Committee Chair Sen. Tim Scott (R‑SC) has projected that between 12 and 18 Senate Democrats could support the upcoming Digital Asset Market Clarity (CLARITY) Act, a critical yet more complex legislative effort than the recently passed GENIUS Act targeting stablecoin regulation.
Speaking at the Wyoming Blockchain Symposium in Jackson Hole, Scott confirmed he has been engaging with Democratic colleagues outside the committee, aiming to offer them political flexibility to back the bill without facing intra-party blowback.
While 18 House Democrats supported the GENIUS Act, Scott acknowledged that securing votes for the CLARITY Act would be a more formidable challenge, given the broader market-structure implications. He also cited internal resistance within the Senate, particularly from Sen. Elizabeth Warren (D‑MA), who remains a vocal critic of crypto industry influence on legislation.
A Senate discussion draft released in July — tentatively titled the Responsible Financial Innovation Act — is expected to build upon the CLARITY Act framework, though it may diverge from the version passed by the House of Representatives.
Scott reaffirmed that the Senate Banking Committee plans to finalize its version of the crypto market-structure bill by the end of September. Given that Republicans hold a slim three-seat majority, bipartisan support will be essential to achieving the 60-vote threshold required for passage in the upper chamber.
More than 70 House Democrats previously crossed party lines to support the CLARITY Act, signaling potential for cross-aisle alignment in the Senate. The legislative session is scheduled to resume on September 2, setting the stage for renewed crypto policy negotiations.
