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.
According to experts and lobbyists, the industry spent more than $119 million supporting pro-crypto candidates during the 2024 election in hopes of advancing the Clarity Act and the stablecoin bill.
If enacted, the bill could also deal a blow to banks, which have opposed provisions that would allow crypto companies to compete for bank deposits by offering rewards for holding customers’ stablecoin assets.
Donald Trump, who actively courted crypto money during his campaign and whose family profits from its own tokens, made crypto reform one of his top priorities in the event of a second term, while the White House has also strongly backed the bill.
In June, Donald Trump said that his family’s crypto ventures had generated more than $1.4 billion in revenue over the previous year.
Democrats want to tighten restrictions on crypto projects involving government officials, and negotiations over that part of the bill are ongoing.
Developments after the Senate returns from its August recess will indicate whether the legislative package can receive final approval before the fall session.
