Tim Scott: Senate to Vote on CLARITY Act Before Recess
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- Tim Scott, chair of the Senate Banking Committee, said in a Thursday Fox Business interview that the Senate "should have the first vote" on the CLARITY Act before lawmakers leave for state work periods this week.
- Senate Majority Leader John Thune retains sole authority to schedule the floor vote, and Scott said Thune still had time to announce a cloture vote in the next few days.
- Senator Cynthia Lummis separately urged the Senate on Wednesday to take up a CLARITY Act vote before the August recess, echoing Scott's push.
- The bill would require 60 Senate votes to advance in Congress, a threshold that forces bipartisan buy-in given the chamber's current composition.
- Democrats have raised objections over President Donald Trump's crypto investments, while banking industry heads are pressing for the bill to address licensing and restrictions on stablecoin-handling crypto companies.
- Lawmakers would need to resolve those outstanding issues on stablecoins and Trump's holdings before a vote could be scheduled, leaving the narrow pre-recess window dependent on swift negotiation.
Why it matters: The CLARITY Act would create the first comprehensive federal framework defining which agency oversees digital assets, and the 60-vote Senate threshold means the bill cannot move without Democratic cooperation. Democratic objections tied directly to Trump's personal crypto holdings turn what is nominally a market-structure bill into a political flashpoint that could reshape both the legislation's language and its path through Congress.
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