Chairman Scott Leads Historic Markup of Digital Asset Market Structure Legislation

Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) today convened a historic markup of H.R. 3633, the Digital Asset Market Clarity Act of 2025, legislation to establish clear rules of the road for digital assets. During today's markup, Chairman Scott emphasized that the Clarity Act will protect Main Street, keep innovation in the United States, and safeguard U.S. national security. In his opening remarks, Chairman Scott underscored that years of regulatory uncertainty and regulation by enforcement have driven innovation overseas, left Americans exposed, and made it harder for law enforcement to do its job. He also highlighted that the bill is the product of months of good-faith bipartisan negotiations and takes the side of everyday Americans by bringing digital assets out of the shadows and into a system that is safer, fairer, and more transparent.

Chairman Scott's opening remarks as delivered:

Today is an important day - not just for this Committee, but for the country.

For years, the digital frontier was trapped in a regulatory gray zone.

Developers, entrepreneurs, and investors were left with uncertainty.

They faced confusion and enforcement actions when, instead, the government should have been crafting clear rules of the road.

Those hurdles drove innovation overseas, left Americans exposed, and made it harder for law enforcement to do their job.

Today, we change that.

The bill we are marking up achieves three simple goals: protecting consumers, keeping innovation here at home, and safeguarding U.S. national security.

Those are not partisan goals. They are American priorities.

Protecting consumers means making sure everyday people come first.

It means clear disclosures, safeguards against fraud, and rules that keep markets open, fair, and efficient.

It means that if someone in South Carolina invests in digital assets, they are protected by a framework with real, enforceable legal standards.

This bill gives Americans confidence that the system works for them, not against them.

Keeping innovation here at home means giving American builders, entrepreneurs, and businesses the clarity and certainty to do what they do best.

Until today, outdated rules, unpredictable enforcement, and outright hostility have forced far too many American companies overseas. That costs us jobs, investment, and leadership.

This bill says that the future of finance should be built in America, under American laws, and with American values.

Safeguarding our national security means closing the doors that criminals, terrorists, and hostile regimes have tried to exploit.

This bill strengthens anti-money-laundering and sanctions rules and gives law enforcement better tools to go after bad actors.

These tools make it harder to hide and easier to enforce the law.

None of this happened overnight.

It happened because members on both sides of the aisle chose to sit down, listen, and work.

We've had months of good-faith negotiations. Republicans did not get everything we wanted.

But we made real progress with our Democrat colleagues, and this bill, and ultimately - and more importantly - the American people, will be better off because of it.

This legislation does not take sides between traditional finance and new technology. Or Republicans and Democrats.

It takes the side of everyday Americans.

It brings digital assets out of the shadows and into a system that is safer, fairer, and more transparent.

This is what good governance looks like.

Today, we take a step forward, together, to protect investors, grow our economy, and keep America leading the world.

I'm proud of this Committee for doing the work, and I look forward to moving this bill forward.