Senator Tim Scott sees Democrats cross the aisle in crypto market structure

The US Congress continues to take a break until September, but said one of the senators is leading the charges behind the law to establish a digital asset market structure.

From the Wyoming Blockchain Symposium held in Jackson Hole on Tuesday, Senate Banking Committee Chairman Tim Scott said he hopes at least some Democrats will join together with Republicans to advance the Digital Asset Market Clarity Act.

The South Carolina Senator said he is making an effort to reach out to Democrats outside the Banking Committee to “provide cover” to vote for the bill.

“We voted for 18 Democrats to act of genius,” Scott said. “We believe there are at least 12-18 Democrats for voting for at least the market structure, more complex laws, and forces against it (…) that’s a real power to overcome.”

Before the House passes the Clear Act on July 17, Scott said the Banking Committee plans to pass a version of the digital asset market structure “until the end of September.”

A draft version of the Senate bill, which was released in July and titled “Build-based,” titled Responsible Financial Innovation Act, may differ from House Act, according to Republican leaders.

Related: Former White House Director Bohines plays the role of tether advisory

Realistic expectations for bipartisan support?

Republicans have a three-seat majority in the Senate, and believe that some Democrats will likely be needed to pass laws on crypto market structures. In addition to Scott’s remarks from Wyoming, Sen. Elizabeth Warren, a ranking member of the Banking Committee, commented on the Clarity Act during the Congress break.

“We need cryptographic regulations,” Warren said in an interview on August 10th. “But we don’t need regulations written by the crypto industry… we need regulations that limit corruption and the ability of elected officials to trade it, and we also limit the ability to blow up the economy with crypto.”