Sen. Tim Scott, R-S.C., warned that Democratic opposition to cryptocurrency market structure legislation risks standing in the way of America’s ability to lead the next evolution of financial markets.
Scott, chairman of the Senate Banking Committee and one of the bill’s lead sponsors, joined FOX Business’ Taylor Riggs on “Mornings with FOX Business” to discuss the CLARITY Act and a key procedural vote that would allow negotiations to continue.
The Senate is scheduled to hold a procedural cloture vote on the CLARITY Act today, Sept. 15, at approximately 2:15 p.m. ET. The vote is not a final-passage vote; it would allow consideration of the legislation and negotiations over digital-asset market structure to continue.
“If you want everyday, hardworking Americans to have more access to their resources, more options on the table, and you want America to be the leading financial country on the planet, you vote yes,” Scott said.
The South Carolina Republican argued that establishing a federal market structure would provide clearer rules for consumers and developers while encouraging financial innovation to remain in the United States.
“The truth is that without market structure actually being embedded in the laws of our country, you have the wild, wild West,” Scott said. “Rules of the road matter.”
Scott said some Democrats have already made clear they will not support the legislation, framing the debate as one that could determine whether the U.S. benefits from changes taking place across financial markets.
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“They’re never going to vote for clarity. They don’t want market structure to pass,” he said.
Scott also addressed political tensions surrounding the legislation, including Sen. Elizabeth Warren’s opposition to the CLARITY Act and her differences with President Donald Trump.
“He [President Donald Trump] and Elizabeth will probably never be on the same page on this issue or frankly, almost any issue,” Scott said. “And so politics continues, unfortunately. But that’s not in the best interest of our country.”
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Scott maintained that the debate should ultimately focus on whether Americans benefit from the changing financial system rather than partisan politics.
“This should be about whether or not America and Americans will benefit from the evolution of financial markets,” he said.
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