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Tim Scott Backs CLARITY Act, Linking Stablecoin Rules to U.S. Dollar Strength on June 11
Senate Banking Committee Chair Tim Scott said on June 11 that advancing the CLARITY Act is part of building consumer protections and reinforcing U.S. financial leadership, including through stablecoin regulation. He argued that stablecoins backed by dollars or U.S. Treasuries can increase demand for the dollar, while clearer crypto rules could improve payments and reduce transaction costs. The measure still needs Senate passage, reconciliation with the House version, final approval in both chambers, and the president’s signature before it can become law.