Senate Banking Committee Chair Tim Scott says he expects between 12 and 18 Senate Democrats to cross party lines and support a new crypto market structure bill. That’s a surprising figure, especially given the usual partisan gridlock around financial regulation.
Individual Outreach to Build Bipartisan Consensus
Scott has been speaking directly with Democratic Senators, including some who aren’t on the Banking Committee, to drum up early support. He’s aiming to build momentum before the bill officially lands in the Senate this September.
Big move for Crypto!
Senate Banking Chair Tim Scott says 12–18 Democrats are ready to back his digital asset market structure bill Builds on the GENIUS Act Aims for September vote Bipartisan momentum is growing for clear #CryptoRegulation
— Crypto Daily Alpha (@CryptoNews4A) August 19, 2025
House Momentum and Legislative Foundations
This isn’t coming out of nowhere. The House passed the Digital Asset Market Clarity Act back in mid-July, with 78 Democrats voting in favor. The bill spells out which regulator handles what, splitting responsibilities between the SEC and CFTC. It also sets up a way for crypto platforms to register if they meet decentralization standards.
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The Senate’s Proposed Bill: Responsible Financial Innovation Act
The Senate’s version is a more detailed follow-up. Scott released a draft of the Responsible Financial Innovation Act of 2025 on July 22. Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno are co-sponsors. Their version adds definitions for things like ancillary assets, updates disclosure rules, and includes new language that lets financial holding companies offer digital asset services.
Political Hurdles: Elizabeth Warren’s Opposition
Still, there’s a big obstacle in the way. Senator Elizabeth Warren has made it clear she opposes the bill. Scott called her a real force to be reckoned with. Warren’s concerns focus on the idea that the bill could weaken the SEC’s authority and open the door to looser oversight at a time when regulators are already stretched thin.
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Vote Math and Legislative Strategy
The numbers matter here. With 53 Republicans and 47 Democrats in the Senate, Scott needs at least seven Democrats to join in and hit the 60-vote threshold to move the bill forward. That’s why he’s targeting Senators outside the committee. If they come on board, it gives cover for others who might be on the fence.
Timeline for Finalization and Next Steps
Scott wants the Senate’s version finalized by the end of September. Once that happens, both chambers will need to hammer out the differences between the Senate draft and the House-passed bill. Only then will it be ready for a final vote.
Potential Impact on Crypto Regulation
If it passes, the bill would bring long-awaited clarity to how digital assets are regulated in the U.S. It would define roles for the SEC and CFTC, provide legal certainty to exchanges and token issuers, and establish a route for decentralized networks to demonstrate that they don’t fall under securities laws.
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Key Takeaways
- Senator Tim Scott expects 12–18 Democrats to support the new crypto bill, potentially breaking the partisan deadlock.
- Direct outreach is being used to secure support ahead of the Senate’s review of the Responsible Financial Innovation Act.
- The House already passed a similar bill with bipartisan support, laying the groundwork for the Senate version.
- Opposition from Senator Elizabeth Warren remains a major hurdle due to her concerns over SEC oversight.
- If passed, the bill would clarify roles for the SEC and CFTC and set a legal path for decentralized crypto networks.
The post Senate Banking Chair Predicts Strong Democratic Support for Crypto Bill appeared first on 99Bitcoins.
