Anticipation Grows for Digital Asset Market Legislation

In Jackson Hole, Wyoming, U.S. Senator Tim Scott, who chairs the Senate Banking Committee, expressed optimism that between 12 and 18 Democrats could support the Senate’s upcoming Digital Asset Market Clarity Act.

“I believe that we’ll have between 12 and 18 Democrats at least open to voting for market structure,” remarked Scott at the SALT conference. He noted the significant resistance from forces like Senator Elizabeth Warren, which poses a challenge for Democrats wanting to engage with the bill.

The industry is particularly focused on market structure legislation, as it will determine how regulatory bodies such as the SEC and CFTC oversee digital assets in the U.S., including in spot crypto markets.

Scott previously indicated that the finalization of this legislation is expected by the end of September, following a draft bill’s introduction by the Senate Banking Committee in July. Input from the Democratic Party is crucial since a 60-vote majority is necessary for the bill to proceed effectively through the Senate.

Both chambers must agree on the same legislation or reconcile the differences in their proposals, particularly given how diverging the discussions have been between the Senate and House on this issue.

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