Congress could tackle cryptocurrency, college sports and data centers upon its return

WASHINGTON — The U.S. Senate returns Monday in a final three-week push before the midterms.

Senators are set to begin voting this week on legislation to regulate cryptocurrency. The CLARITY Act would provide federal rules for digital assets and define regulatory oversight between the SEC and the Commodity Futures Trading Commission.

The Senate will take its initial procedural vote on the bipartisan bill Tuesday, though Democratic concerns about ethics may hinder progress, as it requires 60 votes to move forward.

Democratic U.S. Sen. Elizabeth Warren of Massachusetts, the ranking member on the Senate Banking Committee, has argued the CLARITY Act needs ethics guardrails to prevent loopholes that could allow President Donald Trump and other government officials to profit off the crypto industry.

Warren urged Republican and Democratic Senate leaders to implement those changes in July after financial disclosures revealed that Trump profited about $1.4 billion from his crypto industry ventures.

“The crypto legislation heading to the Senate floor must prevent the President, Vice President, senior administration officials, members of Congress, and their families from profiting off the crypto industry,” Warren wrote to Senate leaders. “Anything less would be a flagrant giveaway to the President and his family at the expense of the public.”