Clarity Act faces make-or-break Senate vote on Tuesday as crypto industry pushes for bill

The preliminary vote on Tuesday is a put-up-or-shut-up moment for the crypto bill, which Senate Majority Leader John Thune, R-S.D., scheduled just before senators left for their August recess. Supporters are hopeful they can scrape enough support to keep the bill alive.

"Over the past year, this bipartisan process has given everyone at the table a real chance to shape the Clarity Act, and the legislation genuinely reflects the priorities of both sides of the aisle," Sen. Cynthia Lummis, R-Wyo., one of the leaders of the bill, said after releasing updated text Thursday to try to garner support. "It's a good bill, and it's time for it to become law."

Many Democrats oppose the bill, largely because of the lack of ethics language they say must address Trump and his family's profiting off of crypto ventures.

"I can assure you that I'm not hearing from my constituents that their number one concern is to pass the Clarity Act," Sen. Chris Van Hollen, D-Md., said in a Sunday video on X. "This is a bill that is masquerading as a way to create good regulation and protection for consumers with respect to cryptocurrency, but it has some big problems that have not been fixed."

Van Hollen said in his post that "We can't let this pass."