Senate Banking Committee Chair Tim Scott anticipates bipartisan support for the Digital Asset Market Clarity (CLARITY) Act, expecting 12 to 18 Democratic senators to vote in favor when it comes before the Senate in September. Speaking at the Wyoming Blockchain Symposium, Scott mentioned that he has been reaching out to Democrats to garner support, citing the previous backing of 18 Democrats for the Guiding and Empowering Nation’s Innovation for US Stablecoins (GENIUS) Act. The CLARITY Act aims to establish regulations for the digital asset market and differs from the House's version titled the Responsible Financial Innovation Act. With Republicans holding a slim majority in the Senate, Democratic votes will be critical for passage. While Scott is optimistic, Senator Elizabeth Warren emphasized the need for meaningful crypto regulation that prevents corruption and economic risks from the crypto industry. The Senate's recess ends on September 2, allowing discussions on the CLARITY Act to progress shortly thereafter.

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