Senator Tim Scott, chairman of the U.S. Senate Banking Committee, accuses his Democratic colleagues of blocking the CLARITY Act to restrict rather than regulate cryptocurrency. The bill, which would establish the first comprehensive federal framework for classifying and regulating digital assets, passed the House on July 17, 2025, by a 294-134 vote, including support from 78 Democrats. The Senate Banking Committee then approved it on May 14, 2026, by a bipartisan 15-9 vote. Senate Democrats led by Senator Angela Alsobrooks are demanding stronger consumer protections, which Tim Scott calls a stalling tactic. According to him, this obstruction prolongs a regulatory vacuum harmful to consumers and pushes innovation offshore.
Source: Read the original article
