A procedural move has brought Washington’s most consequential crypto fight closer to a Senate showdown, despite Democratic concerns over conflicts of interest.
As mentioned by Reuters
U.S. Senate Majority Leader John Thune advanced steps on Saturday toward passing a landmark bill that would establish a regulatory framework for cryptocurrencies and, if enacted, would represent a significant victory for President Donald Trump and the crypto industry.
Early Saturday morning, John Thune filed for a key procedural vote on the Clarity Act. The Senate is expected to take up the vote when it returns from its August recess, potentially clearing the way for the bill to receive full floor consideration afterward.
The move suggests that Senate Republican leaders hope to secure the 60 votes needed to advance the bill, despite opposition from many Democrats. At least eight Democrats, along with every Republican, must support it for passage.
The bill would give the crypto industry its first comprehensive federal regulatory framework, defining when tokens are securities or commodities and which regulators oversee them. Crypto companies say the legislation would provide legal clarity and could encourage wider cryptocurrency adoption.
What the Clarity Act would mean for the crypto industry
If passed, the bill would become Donald Trump’s second major crypto-related legislative victory after he signed stablecoin legislation last year. Democrats, however, emphasize that the Trump family’s earnings from its own tokens create a conflict of interest.
