Tim Scott criticizes Democrats’ stance on CLARITY Act, says opposition is about restricting crypto

Senator Tim Scott is not mincing words about why the CLARITY Act hasn’t reached the Senate floor yet. The South Carolina Republican and Senate Banking Committee chairman says the reason is simple: Democrats want to restrict crypto, not regulate it. Scott made his case during an August 6, 2026, appearance on Fox Business, pointing to what he described as growing Republican momentum behind the Digital Asset Market Clarity Act of 2025. The bill, which would create the first comprehensive federal framework for classifying and regulating digital assets, has been grinding through Congress for over a year. A bill with bipartisan roots and partisan friction The House passed H.R. 3633 on July 17, 2025, with a commanding 294-134 vote. That margin included 78 Democrats crossing the aisle to support it. The Senate Banking Committee then advanced the bill on May 14, 2026, with a 15-9 bipartisan vote. But somewhere between committee approval and a full Senate floor vote, the consensus started to fracture. A group of Senate Democrats led by Senator Angela Alsobrooks has pushed for changes to the bill’s text, calling for stronger consumer protections, tougher measures against illicit finance, and ...