Overview

• Senate Banking Chair Tim Scott said 12 to 18 Democrats may back the market-structure push, calling the vote likely close.
• The committee has a July discussion draft and Scott is targeting final Senate text by the end of September after September discussions.
• The proposal would delineate SEC and CFTC roles, create registration and disclosure standards for tokens and platforms, and open defined banking pathways for crypto firms.
• With 53 Republicans, at least seven Democrats would be needed to reach the typical 60‑vote threshold, and any Senate bill would have to be reconciled with the House‑passed CLARITY Act.
• Scott publicly thanked crypto groups for helping unseat ex‑Banking Chair Sherrod Brown, with reports citing more than $40 million spent in Ohio to boost Bernie Moreno.