Tim Scott: Senate to Vote on CLARITY Crypto Bill This Week
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- Senator 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.
- Scott said Senate Majority Leader John Thune still had time to announce a cloture vote in the next few days, adding "the good news is we have the time to get it done."
- Senator Cynthia Lummis on Wednesday separately urged the Senate to take up a CLARITY vote before the August recess, joining Scott in pressuring leadership.
- The CLARITY Act would need 60 votes to pass the Senate, with outstanding issues including Democratic concerns over President Donald Trump's crypto investments and banking industry calls for licensing and restrictions on crypto companies that handle stablecoins.
Why it matters: The CLARITY Act needs 60 Senate votes, and with only days before the August recess, Majority Leader Thune must resolve Democratic objections over Trump's crypto investments and banking industry demands on stablecoin oversight. Without those concessions, the bill's first cloture vote could fall short despite Scott's public confidence.
