Overview

• Senate Banking Chair Tim Scott said he expects between 12 and 18 Democrats could support the crypto market-structure legislation, warning the vote may be close.
• He is pushing to complete the bill by the end of September and is recruiting Democrats beyond the Banking Committee to give panel Democrats political cover.
• Sen. Elizabeth Warren leads the pushback, arguing the draft would let traditional securities escape SEC oversight and weaken long-standing investor protections.
• The Senate currently has a discussion draft outlining an SEC–CFTC oversight split, and committee discussions and markups are planned next month as Agriculture has yet to release text.
• Advancing the measure requires 60 votes; with 53 Republicans, at least seven Democrats are needed, and any Senate bill would still need to be reconciled with the House’s CLARITY Act.