TLDR:
- Senate Banking Committee schedules vote on crypto market structure bill for next Thursday’s vote.
- CLARITY Act aims to reduce transaction costs and enable 24/7 trading for everyday Americans
- Bill clarifies SEC and CFTC jurisdictions while establishing consumer protection safeguards
- Scott optimistic legislation will pass Senate and help maintain America’s crypto capital status
Senate Banking Committee Chairman Tim Scott announced plans to vote on crypto market structure legislation next Thursday.
The Republican senator from South Carolina told Breitbart News the committee worked tirelessly for over six months. “Next Thursday, we’ll have a vote on market structure,” Scott said in an exclusive interview.
The bill, formally known as the CLARITY Act, aims to establish regulatory framework for the digital asset industry. Scott emphasized the legislation would advance President Trump’s affordability agenda.
Bill Addresses Affordability Through Financial Democratization
Scott linked the legislation directly to economic accessibility for everyday Americans. The senator, who grew up in poverty, stressed the importance of financial inclusion.
“We are trying to make sure that 2026 is the year of affordability by democratizing our economy,” he explained. The framework would enable 24/7 transactions while reducing costs for users.
Scott described how market structure legislation creates rules so everyday Americans benefit. “See their costs go down, their money go up, and their flexibility on real time when you want to have transactions happen,” he said.
The chairman believes this approach represents the fastest path to increased affordability. He referenced his mother, Francis Scott, who raised him during difficult financial times.
“I cannot tell you how much that would mean to a Francis Scott when she was raising me in real poverty,” Scott stated. Access to modern financial tools could have transformed their situation, according to the senator.
The legislation aims to provide similar opportunities for families facing economic challenges today. Scott contrasted current initiatives with what he described as economic damage under the previous administration.
Regulatory Framework Targets Global Competitiveness
The bill establishes guidelines for decentralized finance under federal law. It clarifies which digital assets fall under Securities and Exchange Commission jurisdiction versus Commodity Futures Trading Commission oversight.
This distinction addresses longstanding confusion in the cryptocurrency industry. Clear regulatory boundaries would help businesses operate with greater certainty.
Transaction costs should decrease through enhanced competition and regulatory clarity, according to Scott.
The legislation includes consumer protection measures and anti-money laundering safeguards. These provisions aim to prevent illicit finance while fostering legitimate business activity. Investor protections remain a central component of the proposed framework.
Scott said he is “optimistic” the bill passes out of committee next Thursday and advances through the Senate. He expects President Trump will sign the measure into law.
“I want to make sure that we stay there, and that’s why President Trump wants us to be the crypto capital,” Scott said. Jobs and companies in the sector would remain domestic rather than moving overseas.
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Source: https://blockonomi.com/senate-banking-committee-to-vote-on-crypto-market-structure-bill-next-week/