Senator Tim Scott, chairman of the Senate Banking Committee, indicated that between 12 and 18 Democrats might support the Senate's version of the Digital Asset Market Clarity Act. While the Senate has only released a discussion draft of the market structure legislation, Scott is optimistic about bipartisan involvement in the upcoming vote, which he anticipates will happen by the end of September. He acknowledged challenges faced from opposing forces, particularly from Senator Elizabeth Warren. The market structure legislation is crucial as it will determine how the SEC and CFTC regulate digital assets in the U.S., particularly in spot crypto markets. The Senate's draft diverges significantly from the House's Clarity Act, and both chambers need to reconcile their versions to move forward.

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