US Senate Moves to Fast-Track Landmark Crypto Bill
Senate Republicans are pushing the Clarity Act, a sweeping crypto regulatory framework, toward a vote after the August recess.
Senate Majority Leader John Thune has taken the first procedural step to bring a comprehensive cryptocurrency regulatory bill to the floor, signaling a renewed push to pass the legislation before the end of the year.
On Saturday, Thune filed a motion to schedule a key procedural vote on the Clarity Act for mid-September, when the Senate returns from its August recess. The move, confirmed by the Senate Press Gallery, suggests Republican leaders believe they can secure the 60 votes needed to overcome a filibuster, despite significant Democratic opposition.
The bill would establish the first federal rulebook for the crypto industry, defining whether digital tokens are securities or commodities and assigning regulatory oversight. Proponents argue it would provide long-sought legal clarity and encourage wider adoption of digital assets.
Passage would mark a major policy victory for President Donald Trump, who has made crypto reform a priority in his second term. It would follow his signing of a stablecoin law last year. The industry invested over $119 million in the 2024 election cycle to support pro-crypto candidates, hoping to advance both pieces of legislation.
Banks have lobbied against provisions that would allow crypto firms to compete for deposits by offering rewards on stablecoin holdings. Meanwhile, Democrats are pushing for stricter limits on government officials' involvement in crypto ventures, and negotiations on that issue remain ongoing.
Trump's personal financial stake in the industry has also drawn scrutiny, with his family's crypto ventures reporting over $1.4 billion in income last year.