Senate Banking Committee Chairman Tim Scott is pressing ahead with the Digital Asset Market Clarity Act, better known as the CLARITY Act, vowing the legislation will eventually reach the Pres
Senate Banking Committee Chairman Tim Scott is pressing ahead with the Digital Asset Market Clarity Act, better known as the CLARITY Act, vowing the legislation will eventually reach the President's desk despite ongoing resistance from Senate Democrats.
The CLARITY Act would introduce a federal regulatory framework for US digital asset markets and define how responsibility for overseeing the sector is divided between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The House passed H.R.3633 by a 294-134 vote in July 2025, with more than 70 Democrats crossing over, making it the most bipartisan digital-asset bill to clear a chamber to date. The Senate Banking Committee then advanced its own negotiated version on May 14, 2026, on a 15-9 vote, with just two Democrats in favor.
The Senate began its August recess without holding a floor vote, meaning the chamber will not consider the legislation until mid-September at the earliest. Senate Majority Leader John Thune confirmed the delay, saying consideration of the bill would be made a priority when senators return.
Among the issues still under discussion are concerns from many Democrats regarding President Donald Trump's crypto investments, as well as calls from the banking industry for the bill to address licensing and restrictions for crypto companies handling stablecoins.
During the committee markup, Democratic senators offered amendments to address some of these issues, but all were either voted down or Scott ruled they were not written correctly and did not allow them to be offered. Scott argues that seeking further changes risks prolonging regulatory uncertainty and pushing crypto innovation offshore, echoing concerns raised by supporters on both sides of the aisle.
Senator Elizabeth Warren, meanwhile, has said she supports crypto regulation in principle but argues the current version of the CLARITY Act requires stronger safeguards before the Senate should move forward, reflecting broader Democratic concerns over consumer protection and anti-money laundering standards.
Getting to a final vote still requires resolving a conflict-of-interest provision, and a final Senate floor vote will need 60 yes votes, necessarily including a significant number of Democrats. The remaining steps include full Senate floor debate, clearing that 60-vote threshold, House-Senate reconciliation, and a presidential signature.
Scott says the key remaining question is how and when lawmakers complete that process, but he remains confident the bill will cross the finish line.
Sources:CoinDesk: Clarity Act Clears US Senate CommitteeCrypto Times: Tim Scott Pushes Senate to Hold CLARITY Act Vote Before BreakSenate Banking Committee: Chairman Scott Calls for Senate Action on Clarity Act
