A Senate markup of the Digital Asset Market Clarity Act has been announced for next week, marking a critical point in the future of U.S. cryptocurrency legislation, according to Tim Scott. A new cryptocurrency bill has been proposed in order to create a uniform market structure for the cryptocurrency market.
“Next Thursday, we’ll have a vote on market structure,” Scott told Breitbart News on Tuesday. “It’s important for us to get on the record and vote,” Scott added that committee members have reviewed multiple drafts over the past six months, underscoring sustained negotiations ahead of the markup.
Scott’s comments align with December remarks from David Sacks, who said the landmark legislation would reach the Senate in January. The U.S. House of Representatives has approved a measure called the CLARITY Act as of July 2025. Should the Senate enact the legislation unchanged, then it would go straight to Donald Trump for final approval.
Outstanding issues keep the industry divided
Despite the progress, the bill still faces unresolved disagreements. Crypto executives and policy experts have debated its scope since it was introduced in May 2025, and opinions remain split as the Senate vote approaches.
Gabriel Shapiro, founder of MetaLeX, said the U.S. is “probably going to get a crypto market structure bill,” but cautioned that concerns around illicit finance persist. He suggested lawmakers could still reach a compromise to address those risks.
Others express more skepticism. Alex Thorn, head of research at Galaxy Digital, said after reviewing notes from a bipartisan Senate meeting that it remains “unclear if the two sides can come together.” Thorn pointed to several unresolved issues that could slow passage.
Democrats continue to press for changes, including requirements for DeFi front-ends to comply with sanctions and block illegal transactions. They also want to grant the Office of Foreign Assets Control special measures to act against entities linked to illicit activity.
However, Nic Carter, founding partner of Castle Island Ventures, felt that such demands were “actually pretty reasonable,” leaving scope for bipartisan support.
Markets react to regulatory uncertainty
Some market actors have pointed out that the recent volatility has been caused in part by the delay regarding the CLARITY Act. CoinShares recently attributed $952 million in outflows from crypto investment products during the week ending Dec. 19 to prolonged regulatory uncertainty, including delays in passing the bill.
Meanwhile, Coinbase Institutional’s head of strategy, John D’Agostino, said on CNBC that he understands why the process has taken time. “It’s a type of legislation that’s much more foundational to the development of crypto or any asset class, really,” he continued.
However, with the Senate on the verge of a markup session, the CLARITY Act is at a crossroads. A balance has to be struck regarding innovation, enforcement, and investor protections. The decision that is to come could determine the future of the crypto markets in the US.
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