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Tim Scott
PersonUS

Tim Scott

South Carolina Republican senator; chairs Banking Committee, stalling CLARITY Act markup.

Last refreshed: 16 April 2026 · Appears in 1 active topic

Key Question

Why is Tim Scott's Banking Committee blocking the CLARITY Act the crypto industry paid for?

Common Questions
Why is Tim Scott blocking the CLARITY Act in 2026?
Scott, as Senate Banking Committee chairman, has delayed the CLARITY Act markup repeatedly as of April 2026. Reports suggest he is negotiating deal terms with the crypto industry and awaiting White House pressure to crystallise before scheduling a vote.Source: event
What is the CLARITY Act and what would it do?
The CLARITY Act is the Republican flagship bill to create a federal regulatory framework for digital assets, establishing which crypto products fall under SEC versus CFTC jurisdiction. It is a top priority for the crypto industry.
Did Tim Scott run for president?
Yes. Scott launched a 2024 Republican presidential campaign but withdrew in November 2023 before the primary season began, subsequently endorsing Donald Trump.

Background

Tim Scott is the Republican senator from South Carolina and chairman of the Senate Banking Committee in the 119th Congress. He has been stalling the markup of the CLARITY Act, the flagship Republican bill to establish a federal regulatory framework for digital assets, with the committee session repeatedly delayed as of April 2026.

Scott was appointed to the Senate in 2013 and won election in his own right in 2014 and 2020. He ran briefly for the 2024 Republican presidential nomination before withdrawing in November 2023 and endorsing Donald Trump. In the current Congress, his Banking Committee chairmanship puts him at the centre of crypto regulation, stablecoin legislation, and bank oversight — all priorities of both the Trump administration and Major financial industry donors.

The delay on CLARITY Act markup has frustrated both the crypto industry and some Republican colleagues who want a legislative win on digital assets. Critics within the caucus suggest Scott is waiting for deal terms to improve or for White House pressure to crystallise. Anchorage Digital's $1M to Fellowship PAC is part of the industry's broader effort to accelerate action on crypto regulation through political channels.