Senate Banking Chair Tim Scott Expects Support from 12-18 Democrats for Bill

U.S. Senator Tim Scott, chair of the Senate Banking Committee, predicts that between 12 and 18 Democrats may support the Digital Asset Market Clarity Act. He stated this at the SALT conference in Jackson Hole, Wyoming.

Key points include:

The legislation will define how the SEC and CFTC oversee digital assets in the U.S.
The Senate Banking Committee introduced a draft bill in July regarding SEC oversight of digital assets.
The GENIUS Act, signed into law, addresses stablecoins but market structure legislation is awaited by the industry.
The finalized legislation is expected before the end of September.
At least 60 votes are essential for the bill to progress in the Senate, requiring bipartisan support.
The Senate and House bills have significant differences that need reconciling.