Senate Banking Chair Confirms CLARITY Act Vote Before Congressional Recess

Chairman Tim Scott guarantees a vote on the CLARITY Act before the recess, aiming to clarify SEC and CFTC jurisdiction over digital assets despite ongoing internal disputes.

Woofun AI reports that US Senate Banking Committee Chairman Tim Scott confirmed the CLARITY Act will face a vote before the congressional recess, stating "there is no doubt it will come to a vote." Scott indicated the Senate may extend working hours beyond the next two days to advance the legislation, noting that Republicans are building internal consensus on the bill. The CLARITY Act seeks to delineate oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the crypto market. While supporters argue the framework serves America's interests and maintains competitiveness, the bill currently faces disputes within Congress regarding consumer protection, regulatory authority, and market risk.