Senate Banking Committee Chair Tim Scott says a first vote on the CLARITY Act could still happen before the Senate's August recess, even as he accuses Democrats of slowing negotiations. Senator Elizabeth Warren has rejected the bill in its current form over corruption and consumer-protection concerns, and Majority Leader John Thune did not file cloture on the measure Thursday. Polymarket traders now put its odds of becoming law in 2026 at about 17%.
Senate Banking Committee Chair Tim Scott says a first vote on the CLARITY Act could still happen before the Senate's August recess, even as he accuses Democrats of slowing negotiations on the crypto market-structure bill.
Scott says Thune can still schedule a vote
In a Fox Business interview, Scott said Majority Leader John Thune has the opportunity to schedule the first vote before the break. He added that senators would likely stay in Washington longer than the two days remaining before the scheduled recess. According to CoinGape: "So the good news is that we have the time to get it done," Scott said, calling the bill in the best interest of protecting consumers and allowing innovation.
Republican holdouts complicate the math
Scott also accused Democrats of shifting goalposts whenever negotiations make progress, echoing Senator Cynthia Lummis's warning that the bill will die because of Democrats if it fails. But Republican defections matter too: Senator Josh Hawley has said he will oppose the bill over fears that stablecoin yields could drain deposits from community banks. Senator Thom Tillis has said he will vote no unless a bipartisan ethics provision is implemented, and the White House has yet to sign off on that provision, which Tillis and Senator Ruben Gallego put forward and which remains the main obstacle to a vote.
Warren says the bill still falls short
According to CoinDesk, Warren said the industry needs a clear regulatory framework but that the current proposal does not adequately protect investors or the wider financial system. She also warned that poorly designed legislation could weaken regulators and let large digital-asset companies exploit gaps between agencies.
Cloture delay clouds the recess timeline
Prospects for a vote before the break faded after Thune did not file cloture on a motion to proceed to the bill Thursday. He filed cloture instead on a substitute amendment to a separate bill, a college-sports measure and an attorney-general nomination, leaving the CLARITY Act off Thursday's list despite continued negotiations.
Polymarket traders now put the odds of the CLARITY Act becoming law in 2026 at about 17%, a 48% decline over the measured period. Warren's rejection adds to the challenge of reaching the Senate's 60-vote threshold needed to advance the bill.
Sources: CoinGape, crypto.news
Trading involves risk.
Risk Disclaimer
