Republican Senator Tim Scott is raising the stakes in Washington’s crypto debate, publicly projecting that as many as 12 to 18 Democrats will back the Senate’s version of the CLARITY Act.
Speaking at the Wyoming Blockchain Symposium on August 19, the Senate Banking Committee Chairman framed the legislation as a bipartisan opportunity to bring regulatory certainty to digital assets and fulfill President Trump’s pledge to make the United States a global hub for digital finance. Scott cast the bill as an overdue modernization of financial rules, arguing that without a clear framework dividing oversight between the SEC and CFTC, crypto innovation will migrate overseas.
Digital assets and crypto are the future – plain and simple.
It was a pleasure to join the Wyoming Blockchain Symposium this morning to discuss how I’m working to keep America on the cutting edge of digital asset innovation. pic.twitter.com/DWZRjhMJrD
— Senator Tim Scott (@SenatorTimScott) August 19, 2025
But the biggest obstacle is clear: Senator Elizabeth Warren. As the committee’s top Democrat, Warren has emerged as the central figure rallying opposition, blasting the draft bill as a “giveaway to industry.” She contends that the framework, heavily influenced by crypto lobbyists, weakens consumer protections, lowers compliance standards, and risks exposing the U.S. economy to systemic shocks.
For Democrats, Warren’s criticism dovetails with a broader political attack aimed at President Trump. Party leaders have seized on reports that Trump’s family reaped an estimated $620 million from crypto ventures, including DeFi projects and memecoins, to argue that the administration’s pro-innovation push is tainted by self-interest. That line of attack has made support for the bill politically perilous for Democrats, casting it as less about policy and more about presidential enrichment.
Scott, however, insists the timing has never been better. He points to an administration firmly aligned with the crypto industry and ready to push regulatory agencies into swift action once Congress delivers legislation. “We now have a team that’s leaning in and we feel like we have to get it done now. Executive action is not enough – period. If one president hated it, this one loves it, we need a Senate and a House that gets legislation passed,” Scott said in a statement.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
