Senate Banking Committee Chairman Tim Scott reportedly predicts that 12 to 18 Democrats will support comprehensive crypto market structure legislation.

According to Aug. 19 reports, Scott is conducting individual meetings with Democratic members, including those outside the Banking Committee, to build bipartisan backing for the anticipated September bill introduction.

The South Carolina Republican’s outreach efforts follow the House passage of the Digital Asset Market Clarity Act on July 17, which received support from 78 Democrats in a 294-134 vote.

The House legislation establishes jurisdictional boundaries between the Securities and Exchange Commission and the Commodity Futures Trading Commission while creating registration pathways for qualifying digital asset platforms.

Scott released a discussion draft of the Responsible Financial Innovation Act of 2025 on July 22 alongside Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno.

The Senate proposal builds upon the House CLARITY Act by introducing ancillary asset definitions, modernized disclosure requirements, and banking provisions that allow financial holding companies to offer digital asset services.

Regulatory framework development

The CLARITY Act directs SEC and CFTC coordination through joint registration processes for platforms listing tokens that meet functional decentralization tests and public float requirements.

Qualifying networks fall outside the securities law scope once they achieve sufficient decentralization metrics.

The legislation establishes token disclosure requirements scaling with market capitalization tiers while requiring issuers conducting US sales to submit initial information statements.

Banking supervisors receive instruction to recognize qualified custodians managing both stablecoins and digital assets under unified segregation and audit standards.

The framework creates coordinated custody requirements for platforms operating spot and derivatives trading under shared regulatory oversight between the two primary federal agencies.

The Senate discussion draft expands these provisions through ancillary asset classifications covering digital tokens that avoid securities designation.

Regulation DA would exempt certain ancillary asset sales from registration requirements for annual proceeds under $75 million, capped over four-year periods.

The proposal refined investment contract definitions under federal law while establishing pre- and post-launch transparency requirements for digital asset issuers.

Senator Lummis emphasized the urgency of regulatory clarity to prevent American innovation migration overseas, stating the legislation will establish clear distinctions between digital asset securities and commodities while modernizing regulatory frameworks.

Senator Hagerty noted that outdated laws and regulatory uncertainty have hindered innovation and left consumers without adequate protections.

Lastly, the Banking Committee issued a Request for Information covering more than 35 topics to support rulemaking processes, with public comments informing final legislation development.

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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August 19, 2025

Senate Banking Committee Chairman Tim Scott said he believes that 12 out of 18 Democrats will back the Digital Asset Market Clarity (CLARITY) Act during a major crypto symposium stateside on August 19.

A Dozen Dems May Get Behind CLARITY Act, Tim Scott Says

Speaking at the SALT Wyoming Blockchain Symposium 2025 on Tuesday, Scott revealed he predicts that a majority of Democrats will vote in favor of the key crypto legislation.

“I believe that we’ll have at least 12 and 18 Democrats at least open to voting for market structure,” Scott said.

“The forces against it, let me just say clearly, like Senator Elizabeth Warren, standing in the way of Democrats wanting to participate, it is a real force to overcome,” he added.

Key Democrats Push Back On Crypto Legislation

During a recent fireside chat with Subcommittee on Digital Assets Chair Cynthia Lummis (R-Wyo.) and Executive Director of the President’s Council of Advisers on Digital Assets Bo Hines, Scott announced that he was “making sure” the market structure legislation would be completed by September 30.

Meanwhile, the GENIUS Act was officially ratified last month at a White House signing ceremony, where U.S. President Donald Trump praised the landmark stablecoin bill.

“Let me say, the entire crypto community, for years you were mocked and dismissed and counted out,” the president said. “You were counted out as little as a year and a half ago—but this signing is a massive validation.”

Key players in the Democratic Party, however, have pushed back against certain pieces of crypto legislation.

In July, Representative Maxine Waters (D-CA) launched “Anti-Crypto Corruption Week,” where she called both the CLARITY and GENIUS Act “especially dangerous.”

“The CLARITY and GENIUS bills wrap themselves in the flag of innovation, but all they really do is replicate the same mess that led to past financial crises: They call for few regulations, minimal enforcement, weak consumer protections, and more industry consolidation,” Waters said.

On this SlateCast episode, Nemo.money CEO Nicholas Scott joined CryptoSlate’s Liam “Akiba” Wright and Nate Whitehill to discuss AI-guided investing grounded in verified data. Scott outlined Nemo’s portfolio-insight engine, privacy safeguards, and thematic discovery features, while contrasting progressive UAE regulations with slower UK oversight and highlighting stablecoins’ promise for frictionless settlements. The conversation underscored guidance over advice and the future of personalized, compliant fintech innovation.

From slideware to a live, award-winning product

Nemo.money began life in 2021 in a crowded field of investing apps. Scott explained that the team quickly had to choose which core user problem to solve. Rather than building primarily for education, Nemo focused on surfacing actionable opportunities aligned to a user’s goals and risk appetite—helping people decide what to buy and when, without recommending a single security to any individual.

“We don’t have permission to give … advice,” Scott noted, emphasizing that Nemo presents options and context while leaving decisions to the user.

Guidance, not advice: how Nemo frames AI

A centerpiece is Nemo’s daily, AI-driven “portfolio insight.” With a tap, users receive a concise brief on what moved in their holdings over the last 24 hours—stitched together from relevant headlines and price action—plus ideas to improve diversification. The experience is designed to save time and surface “interesting stories,” not just the biggest movers, so users learn why their portfolio behaved the way it did and explore adjacent assets or ETFs that might rebalance risk.

Wright underscored the point that any AI summary must be grounded:

“And it’s amazing writing that back, but it needs the fact to begin with. You cannot get trust.”

Scott agreed, explaining Nemo’s strict separation between facts and language models: the team licenses fundamentals, volumes, and sentiment from tier‑one financial data vendors, then feeds that truth set into the LLM to generate user‑specific insights.

“We learned that early doors: buy from good data providers.”

Truth first: model strategy and privacy

Not every feature demands the latest, priciest model. For factual, template‑like updates (e.g., refreshed company health summaries generated from fundamentals), Nemo can rely on established models. For problem‑solving tasks—like suggesting diversification paths from a user’s current holdings—the company opts for newer models. Scott also stressed privacy: user portfolios are anonymized before being processed, and personally identifiable information isn’t passed to external AI tools.

Where regulation really leads: UAE vs. UK (and stablecoins)

Asked where the most forward‑thinking regulation is emerging for AI and crypto, Scott pointed to the UAE. Dubai’s willingness to pilot and fund innovation allows companies like Nemo to iterate faster, he said, contrasting that pace with the UK’s slower regulatory cadence. Stablecoins also featured: clearer frameworks promise to simplify the cross‑border payments that brokers wrestle with daily—an area where crypto’s original “value transfer” design can meaningfully reduce friction.

Beyond mega‑caps: discovery at the edges

Nemo lists thousands of instruments across asset classes, with crypto currently available via CFDs as the company explores deeper integrations. A key KPI for the team is breadth of engagement: users aren’t just piling into the same handful of names. Features that cluster securities around investment ideas (“AI infrastructure,” “carbon capture,” etc.) encourage discovery aligned with each user’s interests and objectives rather than simply amplifying the biggest tech stocks.

Wright captured a common research pain point—finding the less obvious picks around a theme (e.g., suppliers to chip manufacturers). Nemo’s forthcoming capability auto‑assembles thematic baskets on the fly from a user’s natural‑language query and explains the relevant sub‑sectors in plain English.

Personalization: from briefings to AI‑generated podcasts

The next step in Nemo’s portfolio brief is format flexibility. Scott revealed the team is piloting an AI‑generated audio version—essentially a personalized “mini‑podcast” that can inject timely context (upcoming macro events like FOMC, non‑farm payrolls, or crypto‑specific catalysts) and adapt depth or tone to the listener’s sophistication. The long‑term vision is content that meets users where they are—channel, language, and complexity—without condescension or data leakage.

Wright also pressed on availability. Nemo launched under Abu Dhabi regulation and is seeing traction across the Middle East and Africa with organic interest from Europe. The U.S. market remains on the roadmap, with the team watching regulatory movement closely.

Wright, on CFDs: “It’s a trade, not an investment, isn’t it?” — a reminder that product design and disclosures must match user intent and jurisdictional rules.

Closing

The SlateCast episode with Nicholas Scott offered a clear view of where AI‑guided investing is headed: truthful data first, models second; guidance over advice; and personalization without compromising privacy. From discovery tools that go beyond mega‑caps to AI‑generated portfolio briefings, Nemo’s approach shows how careful product choices can turn noise into signal.

As regulatory frameworks around AI and stablecoins mature—and more jurisdictions pilot pragmatic rules—the fusion of digital assets and traditional markets will only accelerate. The intersection of compliant innovation, user‑centric design, and trustworthy data is set to be one of the most consequential areas to watch in the coming years.

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U.S. Treasury Secretary Scott Bessent is calling for a review of the central bank’s operations as Federal Reserve Chair Jerome Powell faces mounting pressure to resign.

In a new interview with Bloomberg Television, Bessent says that the Federal Reserve is in need of deeper scrutiny as its budget and operations have expanded over the years.

Bessent’s comments come as President Donald Trump has said he hopes Powell quits and has also considered attempting to remove him, all while slamming the Fed chair for not cutting interest rates.

“The President has said he is not going to fire Chair Powell. I was somewhat surprised that [economist] Mohamed El-Erian came out and said that [Powell should resign]. And what I’ve come out and said is that I believe that it would do Chair Powell a favor, and he would be doing the institution a favor, if he did an internal review, separate monetary policy from everything else.

And this is something that [economist and former U.S. Secretary of the Treasury] Larry Summers and I agree on, is this mission creep from the Fed is endangering their independence of monetary policy, all these other things that they’re engaging in could threaten monetary policy.

It is a big, sprawling institution. The central budget for the board is up 4x since 2004, and every institution needs to examine themselves.”

Bessent also says he’d support Powell overseeing the agency’s review, despite the criticism he’s facing.

“It could be a committee. It could be a group. They could invite outside experts in. The Bank of England after the 2022 rate hike shock went back and did a very good examination of what went wrong with monetary policy that brought in outside experts. I think an internal review would be a good start. And if the internal review didn’t look like it was serious, then maybe their could be an external review.”

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Last updated: 

June 27, 2025

Senator Tim Scott (R-SC) says U.S. lawmakers are looking to have crypto market structure legislation completed by September of this year.

Tim Scott Sets September 30 Crypto Market Structure Deadline

Appearing in a fireside chat on Capitol Hill alongside fellow Senator Cynthia Lummis (R-WY) and the head of the President’s Council of Advisers on Digital Assets of the White House, Bo Hines, Scott said he is eyeing a September 30 deadline to finalize the long-awaited legislation.

“I think that is a realistic expectation,” the Chairman of the U.S. Senate Banking, Housing, and Urban Affairs Committee said.

“As stated today, we are committed to getting market structure done by the end of September,” Hines said in a June 26 X post. “Period.”

Key Crypto Players Celebrate

Following the news, several key crypto heavyweights shared their enthusiasm over the digital assets development.

“A clear path forward,” Coinbase CEO Brian Armstrong said. “Thank you, David Sacks for delivering the White House’s commitment to work with Senator Tim Scott and Senator Cynthia Lummis to deliver market structure legislation by September 30.”

“Getting comprehensive crypto market structure legislation passed has been sorely needed for years,” said Colin McCune, Head of Government Affairs at a16z. “We’re incredibly supportive of this effort to make it happen by September 30.”

“American consumers and crypto builders need clear, effective rules, and we stand ready to help get this done,” he added.

Scott’s updated legislative timeframe comes amid a groundswell of congressional crypto activity under a new crypto-friendly White House.

Earlier this month, the Senate passed the GENIUS Act, marking a win for the landmark stablecoin legislation.

In an appearance on CNBC this week, Lummis warned that Congress must pass both crypto market structure legislation and the GENIUS Act by the end of 2025.

“I’m not saying combine them, but they both need to pass this year,” Lummis said.

With a September 30 deadline now in the works for the crypto market structure bill, it looks as though 2026 may start with new crypto guidelines.

The secretary of the U.S. Treasury Department says the Trump administration is committed to making America a global crypto hub. 

In a post on the social media platform X, Scott Bessent says the White House is going all out on digital assets because the “anti-innovation agenda and regulation-by-enforcement approach” of the previous administration nearly destroyed the industry. 

“We are going big on digital assets. The Trump administration has made digital assets a priority. The past administration starved and almost made extinct a lot of these companies and pushed them offshore.”

He says the government is particularly focused on stablecoins – cryptocurrencies pegged to commodities and or fiat currencies such as the US dollar. 

“What we want to do is apply the highest US regulatory and AML (anti-money laundering) standard to digital assets, especially stablecoins.”

Bessent also says stablecoins can ultimately drive strong demand for US debt. 

“I’ve seen estimates that just over the short term, stablecoins could create $2 trillion of demand for US Treasuries and Treasury bills. Put that in context, the number is probably about $300 billion right now…

Digital asset companies deserve regulatory clarity – and that’s exactly what we are working toward. Passing the stablecoin bill is just the start.”

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Crypto analyst Scott Melker believes Bitcoin could surge to $250,000 by the end of 2025, driven by institutional demand and a maturing market structure.

Known for hosting The Wolf of All Streets podcast, Melker shared his outlook in a recent interview, pointing to reduced volatility and deeper integration with traditional finance as catalysts for the next major rally.

“$250K this year totally possible,” Melker said, noting that Bitcoin’s volatility has dropped considerably.

“It used to be about three times as volatile as the S&P. Now it’s less than two times.”

Pension Funds and ETFs Fuel Bitcoin’s Shift Toward Market Stability

Melker attributed the shift to increased involvement from pension funds and exchange-traded fund (ETF) issuers, describing a more stable environment as long-term investors replace short-term speculators.

The arrival of institutional players, he said, has changed Bitcoin’s profile from a high-risk asset to a potential portfolio cornerstone.

Signs of renewed strength have already emerged. In May, Bitcoin climbed above $104,000, while Ethereum moved past $2,600.

The rally was accompanied by broader market gains, including surges in smaller-cap altcoins — a trend Melker said indicates new capital entering the space.

The sector also saw a symbolic victory when Coinbase was added to the S&P 500, entering the benchmark index within its top 50 by market cap.

Melker called it a clear signal that crypto firms are gaining legitimacy in traditional financial circles.

Additional momentum has come from firms like Galaxy Digital and eToro, which continue to pursue public listings amid a more favorable regulatory landscape.

Melker referenced recent developments, including paused enforcement actions by the SEC and pro-crypto signals from the White House, as factors contributing to what he described as “an extremely bullish backdrop.”

Still, not all forecasts are as aggressive. Most analysts expect Bitcoin to peak between $120,000 and $150,000 this cycle.

But Melker noted that unpredictable upside moves are part of the market’s history.

“From the 2020 lows to the last peak, Bitcoin went from $3,000 to $69,000,” he said. “A 2.5x move from here wouldn’t be a big deal.”

Adam Back Predicts Bitcoin Price Will Hit $500K-$1M This Cycle

Adam Back, a prominent figure in the Bitcoin community and CEO of Blockstream, believes that Bitcoin is significantly undervalued and could surge to between $500,000 and $1 million per coin during the current market cycle.

In a recent interview, Back expressed surprise at Bitcoin’s current price level (hovering around $103,300) given the surge in institutional interest and major developments in the crypto landscape.

Despite being just 5% below its all-time high of nearly $109,000, Back argued the price does not yet reflect the full scope of bullish momentum building behind the asset.

Meanwhile, according to Michael Saylor, founder of Strategy, Bitcoin’s recent price stagnation below the $150,000 mark can be attributed to short-term holders exiting the market.

He added that Bitcoin is now finding its way into the hands of institutions and investors with a longer time horizon, particularly through spot Bitcoin ETFs and corporate treasury strategies.

The post Bitcoin Could Hit $250K by End of 2025, Says Analyst Scott Melker appeared first on Cryptonews.

A controversial 48-49 Senate vote on Thursday to reject the GENIUS Act has sparked an immediate backlash from U.S. Treasury Secretary Scott Bessent, who condemned the decision as a “historic misstep” with global consequences.

In a strongly worded post on X (formerly Twitter) on May 9, Scott Bessent condemned the Senate’s failure to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, arguing it squandered a rare chance to lead the global stablecoin market.

“The world needs American leadership,” Bessent wrote. “The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.”

Did the Senate Just Kill U.S. Crypto Dominance?

Scott Bessent labeled the bill a “once-in-a-generation opportunity” to assert dollar dominance through innovation.

He criticized the Senate for allowing state-by-state regulatory fragmentation to persist and warned that digital asset development could shift abroad without a unified federal framework.

The GENIUS Act, introduced in February by Senator Bill Hagerty (R-TN) and co-sponsored by prominent Republicans, including Chairman Tim Scott (R-SC) and digital assets advocate Senator Cynthia Lummis (R-WY), sought to provide a comprehensive federal framework for the issuance and regulation of stablecoins in the United States.

Despite early bipartisan momentum, the bill failed a procedural vote on May 8 after Senate Democrats abruptly pulled support over national security concerns, AML provisions, and last-minute resistance from key lawmakers.

Senator Mark Warner (D-VA), who opposed the bill, said its text was “not yet finished,” while others hinted at deeper political friction.

The Unspoken Political Tensions Fueling the GENIUS Act’s Demise

Some Democrats privately expressed discomfort with President Trump’s recent pro-crypto involvements, which they feared had tainted the legislative process with political overtones.

The bill’s failure has cast a shadow over the future of stablecoin regulation and broader crypto legislation, particularly ahead of the 2026 midterms when all House seats and one-third of the Senate will be up for grabs.

Senator Cynthia Lummis, a key co-sponsor, voiced her disappointment on X, stating that failing to pass the GENIUS Act was a step backward in securing America’s digital future.

John Deaton, a well-known pro-XRP lawyer, called on lawmakers to rise above partisan divisions. “Senators need to place the country first, not politics. This bill had bipartisan support just a week ago. What happened?”

Decentralization vs. Control: The Ideological Clash Central to Stablecoin Debates

Ethereum co-founder Vitalik Buterin, while not directly commenting on the GENIUS Act, had previously warned against “centralized stablecoins becoming a tool for geographical control.” The implication is that a U.S.-denominated stablecoin framework could undermine crypto’s decentralized ethos.

Lawmakers argue that stablecoins like Tether’s USDT require oversight to prevent criminal exploitation.

In addition, according to a previous report, stablecoins make up the bulk of illicit transaction volume in 2024.

The collapse of TerraUSD further fueled debate. The crash erased $40 billion in value, raising concerns about consumer risks in decentralized systems. Proponents of regulation cite TerraUSD as evidence that even decentralized models can fail, leaving users vulnerable.

However, critics note a contradiction. Many “decentralized” stablecoins still depend on centralized elements, such as development teams or governance structures. The result is a paradox, as blockchain systems designed to eliminate trust still rely on it, just in different hands.

Frequently Asked Questions (FAQs)

The post Scott Bessent Slams 48-49 Senate Snub – Will GENIUS Act Failure Cost U.S. Crypto Crown? appeared first on Cryptonews.

US Treasury Secretary Scott Bessent says digital assets may create a $2 trillion demand for US Treasuries in the coming years.

In an appearance before a Congressional House Committee Tuesday morning focused on the international financial system, Bessent says the US should take a global leadership role on digital assets.

“We believe that the United States should be the premier destination for digital assets, and, as members of this committee and the Senate are attempting to do, create good market structure around that so that US best practices are used around the world.”

He also says that the crypto market may give US Treasuries a massive demand boost.

“Digital assets are an important source of innovation that can drive usage of the US dollar around the world, as with stablecoin legislation. There is speculation that there may be up to $2 trillion of demand over the next few years for US government securities from digital assets.”

Last month, veteran macro investor Luke Gromen explained that Bitcoin (BTC) can influence demand for US Treasuries. According to Gromen, a Bitcoin bull market typically increases demand for dollar-pegged crypto assets known as stablecoins.

Stablecoin issuers such as Tether and Circle predominantly rely on Treasury bills to back their coins on a 1:1 basis. As of December 2024, Tether has invested over $94.47 billion in T-bills to back USDT. Circle owns $22.047 billion worth of T-bills as of February of this year to back its stablecoin, USDC.

Meanwhile, two stablecoin bills making their way through Congress, the STABLE Act of 2025 and the GENIUS Act of 2025, require issuers to invest in T-bills and other real-world assets to back their coins.

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