Senate Banking Committee Chairman Tim Scott is extremely bullish on the impact of the CLARITY Act approval on the crypto market. He believes that if Congress passes this bill, the crypto market could surge to a humongous valuation of a whopping $30 trillion.
Tim Scott Says Banks Are Already Entering Crypto Industry
During a recent interview, Scott rebutted the criticism from big bankers against the CLARITY Act. He said that traditional financial institutions are already anticipating a future that is closely linked to blockchain technology and stablecoins.
“The fact of the matter is that even JP Morgan is now getting involved in stable coins,” Scott said. He added that “digital assets is a part of the future of finance.” His remarks come after JPMorgan CEO Jamie Dimon openly criticized the CLARITY Act.
However, Dimon got a strong response from the crypto industry as Ripple CEO Brad Garlinghouse dismissed his claims.
Meanwhile, Scott stressed that Washington’s priority should be to establish a regulatory regime that boost innovation and keeps it in the United States, rather than taking it offshore. He has stated that blockchain financial systems can lower transaction costs and enhance the efficiency of payments, as they do not have the same constraints as banking systems.
Tim Scott: Crypto Clarity Act will pass before August
“It’s coming period.” pic.twitter.com/cq7KbOYj8p
— Altcoin Daily (@AltcoinDaily) June 13, 2026
Meanwhile, the CLARITY Act has advanced into the Senate Legislative Calendar recently. Now, lawmakers have continued discussions to push it towards a Senate floor vote.
How High Can Crypto Market Go If The CLARITY Act Is Approved?
He also went to answer queries around how much the crypto market could grow if firms don’t move offshore. Scott even predicted a tenfold increase for the market valuation. “Some of us estimated that the actual sector itself and industry is worth about $3 trillion now. I think it’s going to $30 trillion in the next several years,” he stated.
Scott added that stablecoin usage is tied to USD strength. Hence, he believes that dollar-backed digital assets are helping to grow the U.S. financial dominance in international markets.
The backing of stablecoins needs to be done with U.S. dollars or Treasury holdings. Scott said this is a positive factor for the dominance of the reserve currency, USD.
When asked about the CLARITY Act approval timeline, he said, “Job one is making sure that 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.” He declared, “It’s coming, period,” which signals at a speedy passage.
Recently, White House crypto advisor Patrick Witt also expressed optimism on passing the CLARITY Act by July 4.
To highlight the urgency of passage, Scott said, “We can either lead in America or watch the dust from a distance.” He further added, “We’re not going to do that. We’re going to lead in America.”
The senator also added that proper knowledge and understanding of blockchain could be of benefit to the common public. It would help speed up money transfers. This might offer more value to their money than financial institutions can get in the slow settlement processes.
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