Senate Banking Chair Pushes Clarity Act Passage, With September 15 Floor Vote Set
Commentary by Steven Lofchie
Senate Banking Committee Chair Tim Scott (R-S.C.) said that the Senate will vote on digital asset market structure legislation on September 15, 2026, and that the bill has "a really good shot" at becoming law this year, arguing that statutory rules are necessary to secure long-term U.S. leadership in the sector.
In a fireside chat alongside Digital Assets Subcommittee Chair Cynthia Lummis (R-Wyo.) at the SALT Wyoming Blockchain Symposium in Jackson Hole, Mr. Scott discussed the path forward for the Digital Asset Market Clarity Act. Ms. Lummis said Senate Majority Leader John Thune (R-S.D.) scheduled the bill for a September 15 floor vote at 2 p.m. after Senate Minority Leader Chuck Schumer (D-N.Y.) declined to consent to a time agreement that would have allowed a vote before the August recess.
Mr. Scott said durable, statutory rules are needed to give digital asset businesses certainty, rather than relying on shifting agency leadership. He praised current SEC Chair Paul Atkins' approach but warned that a future change in SEC leadership could reverse regulatory gains, absent legislation. "The only way to avoid that kind of seesaw is to embed it in legislation," Mr. Scott said.
Describing the process of advancing the bill through the Banking Committee (see prior coverage), Mr. Scott said a successful Committee vote required unifying all 13 Republican members before Democrats would engage substantively. He said forcing a vote compelled opposing Senators to take a public position on the legislation.
Mr. Scott framed the stakes in terms of U.S. economic competitiveness, saying that maintaining America's position as the dominant global economic power depends on attracting digital asset founders and innovators through clear market structure rules. Separately, Ms. Lummis credited Mr. Scott with including provisions benefiting community banks in a recently enacted housing bill, saying those banks received relief from post-2008 financial crisis regulatory burdens.
Commentary
Senator Lummis (R-Wyo.) has been a proponent of the Clarity Act from the early days. In this YouTube video, she particularly praises Senator Gillibrand (D-N.Y.) for working as a partner with her on the Clarity Act. This bipartisanship strongly suggests that, notwithstanding the near certainty of opposition from Senator Warren (D-Mass.), the legislation will go through.