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4h ago

Scott Says 12–18 Senate Democrats Might Back Crypto Market Bill as Vote Count Push Intensifies

The measure faces a 60‑vote hurdle, with final Senate text pending before an end‑of‑September target.

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Senator Tim Scott courts Democrats for crypto bill as Warren rallies opposition
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Overview

  • Speaking in Jackson Hole on Aug. 19, Senate Banking Chair Tim Scott said 12 to 18 Democrats are open to voting for a crypto market‑structure bill and named Sen. Elizabeth Warren as a key obstacle.
  • Senate Republicans have circulated only a discussion draft so far, released July 22 as the Responsible Financial Innovation Act co-authored by Sens. Cynthia Lummis, Bill Hagerty, and Bernie Moreno.
  • The House passed the Digital Asset Market Clarity Act on July 17 with bipartisan support, setting up the need to reconcile differences with the Senate approach.
  • Advancing the legislation would require at least seven Democrats to join all 53 Republicans to clear the Senate’s 60‑vote threshold, according to current counts reported by outlets covering the effort.
  • Scott has targeted the end of September to finalize Senate text for a framework that would define SEC and CFTC oversight of digital assets, including spot crypto markets.