Senate moves crypto regulation bill toward September vote

WASHINGTON D.C.: The U.S. Senate has taken a key procedural step toward advancing legislation that would create a federal regulatory framework for cryptocurrencies, a move that could deliver a major policy victory for President Donald Trump and the crypto industry.

Senate Majority Leader John Thune filed to set up a procedural vote on the Clarity Act when lawmakers return from the August recess in mid-September, potentially paving the way for a full Senate vote, according to the U.S. Senate Press Gallery website.

The move indicates Senate Republican leaders believe they may still be able to secure the 60 votes needed to pass the legislation despite continued opposition from many Democrats. The bill currently requires the support of at least eight Democrats along with all voting Senate Republicans.

The Clarity Act would establish the first comprehensive federal rulebook for the cryptocurrency industry by defining when digital tokens should be treated as securities or commodities and determining which regulators would oversee them.

Crypto companies have argued that the legislation would provide long-awaited legal clarity for the industry and could encourage broader adoption of digital assets.