{"id":89773,"date":"2025-08-20T04:34:57","date_gmt":"2025-08-20T04:34:57","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=89773"},"modified":"2025-08-20T04:34:57","modified_gmt":"2025-08-20T04:34:57","slug":"senate-banking-chair-predicts-strong-democratic-support-for-crypto-bill","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=89773","title":{"rendered":"Senate Banking Chair Predicts Strong Democratic Support for Crypto Bill"},"content":{"rendered":"

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. <\/span>That\u2019s<\/span> a surprising figure, especially given the usual partisan gridlock around financial regulation.<\/span><\/p>\n

Individual Outreach to Build Bipartisan Consensus<\/span><\/h2>\n

Scott has been speaking directly with Democratic Senators, including some who <\/span>aren\u2019t<\/span> on the Banking Committee, to drum up early support. <\/span>He\u2019s<\/span> aiming to build momentum before the bill officially lands in the Senate this September.<\/span><\/p>\n

Big move for Crypto! <\/p>\n

Senate Banking Chair Tim Scott says 12\u201318 Democrats are ready to back his digital asset market structure bill
Builds on the GENIUS Act
Aims for September vote<\/p>\n

Bipartisan momentum is growing for clear #CryptoRegulation<\/a> <\/p>\n

\u2014 Crypto Daily Alpha (@CryptoNews4A) August 19, 2025<\/a><\/p>\n\n

House Momentum and Legislative Foundations<\/span><\/h2>\n

This<\/span> isn\u2019t<\/span> 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.<\/span><\/p>\n

DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in August2025<\/a><\/strong><\/p>\n

The <\/span>Senate\u2019s<\/span> Proposed Bill: Responsible Financial Innovation Act<\/span><\/h2>\n

The <\/span>Senate\u2019s<\/span> 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.<\/span><\/p>\n

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$2.25T<\/div>\n<\/div>\n<\/div>\n<\/div>\n
24h<\/span>7d<\/span>30d<\/span>1y<\/span>All time<\/span><\/div>\n<\/div>\n<\/div>\n

Political Hurdles: Elizabeth <\/span>Warren\u2019s<\/span> Opposition<\/span><\/h2>\n

Still, <\/span>there\u2019s<\/span> 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. <\/span>Warren\u2019s<\/span> concerns focus on the idea that the <\/span>bill<\/span> could weaken the <\/span>SEC\u2019s<\/span> authority and open the door to looser oversight at a time when regulators are already stretched thin.<\/span><\/p>\n

DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025<\/a><\/strong><\/p>\n

Vote Math and Legislative Strategy<\/span><\/h2>\n

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. <\/span>That\u2019s<\/span> why <\/span>he\u2019s<\/span> targeting Senators outside the committee. If they come on board, it gives cover for others who might be on the fence.<\/span><\/p>\n

Timeline for Finalization and Next Steps<\/span><\/h2>\n

Scott wants the <\/span>Senate\u2019s<\/span> 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.<\/span><\/p>\n

Potential Impact on Crypto Regulation<\/span><\/h2>\n

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<\/span>\u00a0they <\/span>don\u2019t<\/span> fall under securities laws.<\/span><\/p>\n

DISCOVER:\u00a0<\/span>20+ Next Crypto to Explode in 2025\u00a0<\/span><\/a><\/strong><\/p>\n

Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/span><\/a><\/strong><\/p>\n

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Key Takeaways<\/h2>\n

Senator Tim Scott expects 12\u201318 Democrats to support the new crypto bill, potentially breaking the partisan deadlock. <\/p>\n

Direct outreach is being used to secure support ahead of the Senate\u2019s review of the Responsible Financial Innovation Act. <\/p>\n

The House already passed a similar bill with bipartisan support, laying the groundwork for the Senate version. <\/p>\n

Opposition from Senator Elizabeth Warren remains a major hurdle due to her concerns over SEC oversight. <\/p>\n

If passed, the bill would clarify roles for the SEC and CFTC and set a legal path for decentralized crypto networks. <\/p><\/div>\n

The post Senate Banking Chair Predicts Strong Democratic Support for Crypto Bill<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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\u2019s 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 […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-89773","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/89773"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89773"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/89773\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}