CLARITY Act Has 'Pretty Good Chance' of Passing in September, Says Tim Scott

The long-running push for comprehensive cryptocurrency market structure legislation in the United States is moving toward a critical September deadline, but Republican advocates remain optimistic about its prospects.

Why September 15 Matters

Senate Banking Committee Chairman Tim Scott and Senator Cynthia Lummis said Tuesday that the legislation is crucial to keeping digital asset innovation and investment in the United States.

Speaking at the SALT conference in Wyoming, the lawmakers noted that the CLARITY Act is scheduled for a Senate vote on September 15 at 2:00 PM ET.

Lummis said lawmakers have spent much of the past year negotiating with Democrats and consolidating related provisions.

That has expanded the bill from under 300 pages to more than 600 pages, as lawmakers sought to resolve differences and incorporate requested changes.

Scott said he sees a "pretty good chance" of progress in September, arguing that forcing a vote requires lawmakers to finally take a stance rather than continue negotiating indefinitely.

He added that crypto-friendly actions from the Securities and Exchange Commission and the Commodity Futures Trading Commission are no substitute for legislation. Moreover, policies can be reversed when administrations change.

"The only way to avoid that whiplash is to put it in legislation," Scott said.

The "wrestling" continues over ethics and reward issues, and now "their rearview mirror is getting bigger and the windshield is getting smaller."

Scott assured that they will "wrestle" with it one more time.

Why the Former White House Crypto Advisor Remains Bullish

Former White House crypto advisor Patrick Witt similarly said that if Congress fails to act, regulators are prepared to implement a substantial amount of rulemaking.

He said the SEC and CFTC have so far given lawmakers room to pursue legislation, but "we can't wait forever." If September efforts fail, regulators may take more aggressive action on their own.

Despite unresolved issues, Witt said negotiations have evolved from open-ended policy debates to more binary choices, making broader compromise increasingly likely.

He remains "optimistic and bullish" on the legislation's prospects.

The urgency extends beyond the crypto market, as Scott frames the bill as part of a broader competition for U.S. economic leadership.

Witt said other jurisdictions are closely watching Washington and may follow the U.S. regulatory framework once comprehensive crypto rules are in place.