Jackson Hole, Wyo. – The US Senator Tim Scott, chairman of the Senate Bank Committee, expects up to 18 Democrats to vote for the Senate’s response to the Digital Asset Market Clarity law.
“I think we have between 12 and 18 Democrats at least open to voting for the market structure,” Scott said on stage at Salt Conference in Jackson Hole, Wyoming on Tuesday.
“The forces against it, let me just say clearly, just as Senator Elizabeth Warren, who stands in the way of Democrats who want to participate, is a real strength to overcome,” he said.
While Congress passed – and US President Donald Trump signed – the Genius law covering stablecoins, it is the market structure legislation that the industry really expects. No matter what legislation on the market structure ultimately becomes law dictates how Securities and Exchange Commission (SEK) and Commodity Futures Trading Commission (CFTC) Will oversee digital assets in the United States, including Spot Crypto markets.
The legislation is expected to be completed by the end of September, Scott formerly said former Crypto adviser for the White House.
The Senate Bank Committee introduced a bill on discussion in July to reschedule how Securities and Exchange Commission (SEK) Should supervise digital assets after parliament voted to promote its law of clarity the week before. The Senate Agricultural Committee, which also has to support this legislation, has not yet published any draft discussion.
Both bills need input from the Democratic Party, as at least 60 votes are required for the bill to move on through the Senate. In addition, Parliament and the Senate have to vote on the same bill or unite the differences between their bills. The Senate’s Bank Committee’s draft discussion has so far diverged strongly from the House’s Clarity Act.
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