Senate Banking Chairman Tim Scott told social media the CLARITY Act could push crypto's market cap from $3 trillion to $30 trillion. The bill has advanced to the Senate legislative calendar; a vote before August recess is the next catalyst.
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Senate Banking Committee Chairman Tim Scott expects a tenfold jump in the crypto market's total value if Congress approves the CLARITY Act. He put the sector's current value at $3 trillion. The $30 trillion figure is his estimate of what comes next.
Scott pushed back on criticism from big-bank executives during an interview posted on social media last week. He pointed to JPMorgan's own stablecoin work as evidence that traditional finance is already moving onchain.
"The fact of the matter is that even JPMorgan is now getting involved in stablecoins," Scott said. "Digital assets is a part of the future of finance."
JPMorgan CEO Jamie Dimon has publicly opposed the CLARITY Act. Ripple CEO Brad Garlinghouse dismissed Dimon's position in separate remarks.
The CLARITY Act has advanced to the Senate legislative calendar. Lawmakers are discussing a timeline for a floor vote. White House crypto advisor Patrick Witt said recently he expects the bill to pass by July 4.
Scott framed the choice in stark terms. "We can either lead in America or watch the dust from a distance," he said. "We're not going to do that. We're going to lead in America."
The bill would create a federal framework for stablecoins and crypto market structure. Scott stressed that stablecoin reserves must be held in U.S. dollars or Treasury securities. He called that a positive factor for the dollar's reserve currency status.
Blockchain-based payments can lower transaction costs and settle around the clock, unlike banking systems, Scott said. When asked about passage timing, he said: "Job one is making sure consumers are protected. Job two, making it less expensive to do business in America and easier to do it 24/7. Blockchain and digital assets allows us to get there faster. It's coming, period."
The Senate schedule before the August recess is the next concrete marker. A floor vote this session would open institutional crypto exposure through a defined regulatory path. At $3 trillion today and Scott's $30 trillion forward view, the gap between current price and potential price is the bet the bill represents.
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