Senator Tim Scott has once again pushed the agenda of moving a comprehensive crypto market-structure bill to a vote by December. Speaking in an interview with Fox News Digital, Scott said he and his colleagues are working ‘nights and weekends’ with Senate Democrats to finalize the bill’s language. Their goal is to send the bill to the Senate floor by early next year.
Senator Tim Scott, who is the chair of the Senate Banking Committee, is aggressively pushing for a markup and vote on the crypto market-structure bill. He said he expects the support of 12 to 18 Democrats, who could back the legislation, which will be crucial for its bipartisan passage. Scott has framed the bill as a way to cement U.S. leadership in crypto, clearly dividing regulatory responsibility between the SEC and CFTC.
Current status of the CLARITY Act
The Senate currently only has a discussion draft, issued in July by Scott’s committee. A second draft came via the Senate Agriculture Committee in November, laying out its own jurisdictional role, mainly CFTC-related. Once markups are complete in both committees, the bill would head to a committee vote, then, if it passes to the full Senate. After that, Congress must reconcile differences with the House-passed CLARITY Act before sending a final bill to the president.
Armstrong throws his support behind the push
Brian Armstrong, CEO of Coinbase, has been vocal in his backing. In a video he shared on X, he explained that he has been in Washington engaging directly with senators to help finalize the market-structure legislation. He expressed optimism that the December timeline could lead to a markup and eventual passage, calling clear rules “a big milestone to get crypto unlocked in the U.S.”
Armstrong has described the bill as a ‘freight train leaving the station,’ citing strong bipartisan engagement. He recently told lawmakers he’s “bullish” on getting the bill out of committee by Thanksgiving and passed before year-end.