Tim Scott Says Democrats Blocked Crypto Bill for Political Reasons

Senator Tim Scott has criticized Senate Democrats for refusing to advance the Clarity Act, a bill meant to set clear federal rules for digital assets.

Why the Clarity Act Failed in the Senate

Scott says not one Senate Democrat voted to move the bill forward last week, despite more than a year of talks that included over 120 changes requested by Democrats. He points to concessions such as expanded ethics rules covering elected officials, a stronger role for state attorneys general, and new anti-money laundering tools for law enforcement. He argues that Democrats kept shifting their demands even after each request was met, and that at least 12 senators who said they wanted a deal still voted no.

Push for SEC and CFTC Action

Scott says digital assets could lower transaction costs and help small businesses, but need clear guardrails to protect investors. After the vote failed, he called on the SEC and CFTC to set rules on their own while Congress keeps working. He frames the fight as a broader choice between policies that help working families and ones that raise costs, pointing to Election Day, now about 40 days away.