All NewsEducationTV
Equities & FundsCrypto & Digital AssetsAI & TechnologyBusiness & CorporateUS Politics & PolicyGeopolitics & Global RiskMacro, Rates & FXCommodities & EnergyEuropean Politics & MarketsAsia-PacificReal Estate & Property
Story archiveAll categories
← All Stories

US Senate to vote on crypto bill 'without question' this week: Tim Scott

Created at 6 Aug · 5:06 PM1 source↑ Market-relevant
IN SHORT

Senator Tim Scott announced the US Senate will vote on the Digital Asset Market Clarity (CLARITY) Act this week before the August recess. Discussions continue regarding potential amendments related to presidential crypto investments and stablecoin regulations.

✉Newsletter

PiQ Daily

Pick your topics. Get only what matters, on your cadence.

Key Numbers

60lawmakers needed for bill passage in Senate

Who's Involved

Tim Scott
Chairman of the Senate Banking Committee
John Thune
Senate Majority Leader with agenda-setting authority
Cynthia Lummis
Senator urging a vote on the CLARITY Act
US President Donald Trump
Subject of Democratic concerns regarding crypto investments

↳ Why This Matters

The potential passage of the CLARITY Act could significantly shape the regulatory landscape for digital assets in the United States, impacting crypto companies, investors, and the broader financial market.

Key facts

  • The US Senate plans to vote on the Digital Asset Market Clarity (CLARITY) Act this week.
  • Senator Tim Scott, chair of the Senate Banking Committee, confirmed the upcoming vote.
  • The vote is intended to occur before the Senate's August recess.
  • Concerns from Democrats regarding US President Donald Trump's crypto investments are part of ongoing discussions.
  • The banking industry is calling for the bill to address licensing and restrictions for stablecoin handlers.

The U.S. Senate is slated to vote on the Digital Asset Market Clarity (CLARITY) Act this week, according to Senator Tim Scott, who chairs the Senate Banking Committee. Scott expressed confidence that the chamber has sufficient time to schedule and pass the legislation before breaking for its August recess.

In a Fox Business interview, Scott stated that the Senate "should have the first vote" on the CLARITY Act. He indicated that Senate Majority Leader John Thune has the authority and the remaining days to place the bill on the agenda for a cloture vote.

Senator Cynthia Lummis had previously echoed the urgency for a vote on the CLARITY Act before the recess. If the bill is scheduled by Republican leaders, it would require the support of 60 senators to pass the chamber and proceed in Congress.

Discussions are ongoing regarding potential amendments to the bill. Key issues include concerns raised by Democrats about U.S. President Donald Trump's cryptocurrency investments and calls from the banking industry to include provisions on licensing and restrictions for crypto companies that handle stablecoins. An agreement on these points and the Senate's overall agenda could still allow for a vote before the lawmakers depart.

Frequently asked questions

The CLARITY Act is a proposed piece of legislation in the U.S. Senate aimed at establishing regulatory clarity for digital assets.

Ongoing discussions involve Democratic concerns about presidential crypto investments and industry calls for stablecoin licensing and restrictions.

The bill would require support from 60 lawmakers to pass the Senate.

What Happens Next

01Senate Majority Leader John Thune to schedule a cloture vote for the CLARITY Act.
02Potential amendments to the CLARITY Act are discussed.
03Senate votes on the CLARITY Act before the August recess.

Get the newsletter.

Pick the topics you actually care about. We'll email when there's news worth your time, on the cadence you choose. Cancel any time from your account.

Cadence

How It Developed

Senator Tim Scott stated the Senate will vote on the CLARITY Act this week.
Scott indicated Senate Majority Leader John Thune has time to schedule a vote.
Senator Cynthia Lummis previously urged a vote before the August recess.
Discussions are ongoing regarding potential amendments on presidential crypto investments and stablecoin licensing.

Sources

T1
US Senate will vote on CLARITY crypto bill ‘without any question’ this week: Tim Scott The South Carolina lawmaker who heads the Senate Banking Committee said that the majority leader still had time to put the crypto bill on the agenda despite the narrow voting window.Cointelegraph

Related Stories

CLARITY Act Senate Vote Possible This Week Despite Deadline Miss
6 Aug · 11:56 AM
Senate faces legislative backlog, threatening recess
6 Aug · 12:46 AM
US Senator Reintroduces Bill to Expedite Humanitarian Aid to North Korea
6 Aug · 6:36 PM
Senator Mitch McConnell released from rehab center
6 Aug · 7:06 PM
Senate Republicans propose repealing California emissions rules
6 Aug · 2:51 PM