Senate Banking Chair Tim Scott Pushes for Crypto Bill Vote Before August Recess

Senator Tim Scott, who chairs the Senate Banking Committee, said that the chamber would vote on the Digital Asset Market Clarity (CLARITY) Act before it broke for an August recess, giving lawmakers just a few days to take action on the crypto bill.

In a Thursday Fox Business interview, Scott said that the Senate “should have the first vote” on the CLARITY Act before lawmakers leave for state work periods this week. He added that Senate Majority Leader John Thune, who has the authority to set the agenda and schedule floor votes, still had time to announce a cloture vote on the crypto bill in the next few days.

“The good news is we have the time to get it done,” said Scott.

The South Carolina lawmaker’s statement echoed comments from Senator Cynthia Lummis, who on Wednesday urged the Senate to take up a vote on CLARITY before the chamber’s August recess. Should Republican leaders schedule a vote, the bill would need support from 60 lawmakers to pass the Senate and advance in Congress.

Among the issues still under discussion as of Thursday were concerns from many Democrats regarding US President Donald Trump’s crypto investments and heads of the banking industry calling for the bill to address licensing and restrictions for crypto companies handling stablecoins. Should lawmakers reach an agreement on how to potentially adjust the CLARITY Act for these provisions and how to handle the Senate’s agenda before the recess, there could still be time to schedule a vote.