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The Senate only has a discussion draft out on market structure legislation so far, but Scott previously said he expects the bill to be done by the end of September.
Aug 19, 2025, 4:30 p.m.
JACKSON HOLE, Wyo. — U.S. Senator Tim Scott, the chairman of the Senate Banking Committee, anticipates up to 18 Democrats may vote in favor of the Senate's answer to the Digital Asset Market Clarity Act.
“I believe that we’ll have between 12 and 18 Democrats at least open to voting for market structure,” Scott said on stage at the SALT conference in Jackson Hole, Wyoming on Tuesday.
“The forces against it, let me just say clearly, like Sen. Elizabeth Warren, standing in the way of Democrats wanting to participate, it is a real force to overcome,” he said.
While Congress passed — and U.S. President Donald Trump signed — the GENIUS Act, which covers stablecoins, it's the market structure legislation that the industry is really anticipating. Whatever market structure legislation eventually becomes law will dictate how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will oversee digital assets in the U.S., including spot crypto markets.
The legislation is expected to be finalized before the end of September, Scott previously told former White House crypto adviser Bo Hines.
The Senate Banking Committee introduced a discussion draft bill in July laying out how the Securities and Exchange Commission (SEC) should oversee digital assets after the House voted to advance its Clarity Act the week prior. The Senate Agriculture Committee, which also needs to support this legislation, has not yet published any discussion drafts.
Both bills will need input from the Democratic Party as at least 60 votes are required in order for the bill to move forward through the Senate. Moreover, the House and Senate need to vote on the same bill or reconcile the differences between their bills. The Senate Banking Committee's discussion drafts have so far diverged sharply from the House's Clarity Act.
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Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
Nikhilesh De
Nikhilesh De is CoinDesk's managing editor for global policy and regulation, covering regulators, lawmakers and institutions. He owns < $50 in BTC and < $20 in ETH. He won a Gerald Loeb award in the beat reporting category as part of CoinDesk's blockbuster FTX coverage in 2023, and was named the Association of Cryptocurrency Journalists and Researchers' Journalist of the Year in 2020.
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