US Senate Set to Vote on Advancing Landmark Crypto Bill

The US Senate is scheduled to vote on Tuesday on whether to move forward with the Clarity Act, a sweeping cryptocurrency bill that would establish a regulatory framework for digital assets. The vote, expected shortly after 2 p.m. EDT (1800 GMT), is procedural but carries significant weight: if it fails, Senate Republicans may have little time left on a crowded election-year calendar to revive the legislation.

It remains uncertain whether the bill can secure the 60 votes needed to advance. Senate Republicans released revised text on Sunday in an attempt to address objections from the banking industry and some Democrats.

The crypto sector, which has spent hundreds of millions of dollars campaigning for the bill, broadly supports the Clarity Act, arguing it would place digital assets on firmer legal ground. Analysts and investors, however, have largely priced in the possibility that the bill will not become law in the near term. Can-Luca Köymen, an investment strategist at digital asset bank Sygnum, said another delay would be negative but unlikely to shock the market, while passage would reduce legal uncertainty and could unlock more institutional activity.

Officeholder conflicts in focus

Democrats have pressed for stricter limits on public officials profiting from their own crypto ventures, a push aimed in part at President Donald Trump's meme coin and World Liberty Financial, a crypto company run by his sons. Trump disclosed in June that he had made $1.4 billion from his crypto ventures.

The revised text gives state attorneys general greater authority to enforce restrictions on public officeholders. It would also require political officials to divest any existing significant financial interests in crypto-focused companies or place those assets in a blind trust.

Banking concerns persist

The new draft also seeks to address long-standing banking sector worries about a provision allowing certain crypto tokens known as stablecoins to compete with bank deposits, potentially harming lending. Banking groups on Monday rejected the revised language, saying it did little to ease their fears that stablecoin rewards could eventually hinder banks' ability to extend credit.