Key Republican senator expects Democratic support for US crypto market structure bill

While the US Congress is on recess until September, Senator Tim Scott is already promoting bipartisan cooperation for crypto legislation. He spoke at the Wyoming Blockchain Symposium on Tuesday and shared important information about the Digital Asset Market Clarity (CLARITY) Act.

Scott, the Senate Banking Committee Chair, expects 12 to 18 Democrats to support this market structure bill after the GENIUS Act passed. He has been actively working, reaching out to Democrats outside the committee to secure support. 'We had 18 Democrats vote for the GENIUS Act,' he said, 'I believe we'll have between 12 and 18 at least open to voting for market structure.'

Before the House passed the CLARITY Act on July 17, Scott promised the banking committee would advance their version—tentatively called the Responsible Financial Innovation Act—by the end of September. It builds on the House bill but may have some modifications.

With Republicans holding a slim three-seat majority, they need Democrats to make this happen. Senator Elizabeth Warren, ranking member of the banking committee, is not fully on board. She said on Aug. 10, 'We need crypto regulation, but not written by the crypto industry. We need limits on corruption and economy-damaging risks.'

But over 70 Democrats in the House backed the CLARITY Act in July, so there is hope. Congress resumes on Sept. 2, so watch for significant legislative action.