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US Senate advances landmark crypto bill before heading on August recess
The bill still needs 60 votes and support from at least 10 Democrats as negotiators work through disputes over ethics and illicit-finance rules.
- On Saturday, Senate Majority Leader John Thune filed a motion to advance the Digital Assets Market Clarity Act, setting up a procedural vote for mid-September when the Senate returns from its August recess.
- The legislation seeks to create a comprehensive federal rulebook for the crypto industry, defining which regulators oversee digital tokens; it requires 60 votes to clear the Senate's cloture process.
- Democrats continue demanding restrictions on officials' crypto ventures, citing reports that President Donald Trump earned more than $1.4 billion from family projects last year, leaving negotiations fluid on this ethics provision.
- With only three weeks of Senate session next month, the bill navigates a crowded legislative agenda alongside federal funding, Russia sanctions, and nominations as Senate leaders pursue bipartisan support.
- If the partisan rift persists, the Clarity Act is unlikely to pass this year, potentially forcing the industry to reset its legislative strategy when the new Congress convenes next year.
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Senate advances sweeping crypto bill, setting up September vote
The bill would divide regulatory authority over the digital asset market, giving the Commodity Futures Trading Commission a larger role while defining which cryptocurrencies should fall under the jurisdiction of the Securities and Exchange Commission.
·Washington, United States
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Coverage Details
Total News Sources13
Leaning Left2Leaning Right3Center3Last UpdatedBias Distribution38% Center, 37% Right
Bias Distribution
- 38% of the sources are Center, 37% of the sources lean Right
38% Center
L 25%
C 38%
R 37%
Factuality
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