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Senator Tim Scott Says Crypto Clarity Act Could Reach Senate Vote by June or July

According to Cynthia Lummis, Thom Tillis, Tim Scott, and Fox Business reporting, the U.S. crypto market structure bill is moving toward markup in May, with broader Republican support and a possible Senate vote in June or July.

Fact Check
CoinDesk's Apr. 29 report directly supports the first half of the claim: Tillis said the CLARITY Act was ready for Senate Banking Committee markup/hearing and that stablecoin-yield negotiations had delayed broader movement. The X post at https://x.com/ChaseWilliams_/status/2049503131495452955 is consistent with that account, saying Tillis would ask the chair to schedule markup after banks' concerns were addressed. Crypto.news separately supports the second half by reporting that Lummis said developer protections were 'safe' and tied that to protections for non-custodial developers. The precise wording 'nears Senate Banking Committee markup' is slightly paraphrased from 'ready to get to hearing/markup,' and the specific phrase 'as Lummis pushes to strengthen protections' is somewhat stronger than the fetched source's wording that she is working to preserve safeguards. Still, the overall claim is well supported by the cited reports.
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Summary

Cynthia Lummis said the U.S. crypto market structure bill could reach a committee vote by mid-May, Thom Tillis said the CLARITY Act is ready for a Senate Banking Committee hearing, and Tim Scott said the Crypto Clarity Act could move to markup in May followed by a Senate floor vote in June or July. Fox Business separately reported that the bill is nearing markup and cited a source saying progress is "going really well" and that Republican votes are coming on board. Together, the updates indicate growing momentum for digital asset market structure legislation after stablecoin yield concerns were addressed, although DeFi-related language, ethics provisions, and developer-protection details remain under revision.

Terms & Concepts
  • CLARITY Act: A proposed U.S. digital asset market structure bill intended to provide clearer legal and regulatory treatment for digital assets and related market activity.
  • Markup: A legislative stage in which a committee reviews a bill, debates its provisions, proposes amendments, and decides whether to advance it.
  • DeFi: Short for decentralized finance, a set of blockchain-based financial services that operate through smart contracts rather than traditional intermediaries.