Senate Banking Chair Tim Scott said a first vote on the CLARITY Act remains possible before the August recess, claiming Republican support is growing and that the bill can advance even as ethics language negotiations continue.
Scott made the statement on Fox Business on Wednesday. The remark puts pressure on both parties to resolve outstanding disputes in a compressed timeframe. The CLARITY Act would establish a federal regulatory framework for digital asset market structure, assigning oversight to the SEC and CFTC. The bill has been in committee markup for months, with Republicans backing swift passage and Democrats raising objections on multiple fronts. Scott called for a vote before the recess, saying the Senate could extend its schedule past Friday, the scheduled final day before the August 8 recess, if needed to hold it.
The ethics language in the bill has emerged as the primary sticking point. Democrats say the current text falls short given Trump's income from crypto-related activities. Scott has pushed back, contending that Democrats are shifting their position as the White House works with both parties on revised language. Neither Scott nor Democratic opponents have released a finalized ethics text.
Republican support for the bill has broadened in recent weeks, according to Scott. He did not specify vote counts or name new co-sponsors. If the Senate does vote before recess, passage would advance the bill to the House, where Republican leaders have indicated interest in taking up digital asset regulation in the fall.
The August recess traditionally begins the second week of the month. Under Senate rules, an extension requires unanimous consent or a motion to proceed that consumes floor time. Scott's call to push for a vote before recess reflects confidence that Republican numbers can carry it past a Democratic filibuster threat, which would require 60 votes to overcome.
If the vote occurs as Scott indicated, it would represent the first Senate passage of digital asset legislation in the 119th Congress. The calculation by Scott to push for a vote before recess reflects confidence that Republican numbers can carry it past a Democratic filibuster threat, which would require 60 votes to overcome.
