US Senate advances landmark crypto bill before heading on August recess
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WASHINGTON, Aug 8 : U.S. Senate Majority Leader John Thune moved on Saturday to advance a major bill that would create a regulatory framework for cryptocurrencies which, if passed, would mark a huge victory for U.S. President Donald Trump and the crypto industry.
Thune, a Republican, early Saturday morning filed to set up a key procedural vote on the Clarity Act when the Senate returns from its August recess in mid-September, potentially paving the way for a full floor vote on the bill, according to the U.S. Senate Press Gallery website.
The move suggests Senate Republican leaders believe they may yet be able to wrangle the 60 votes needed for the bill to pass, despite continued opposition by many Democrats. Currently, the bill needs the support of at least eight Democrats and all of the Senate’s voting Republicans for it to pass.
The legislation would give the crypto industry its first comprehensive federal rulebook, defining when digital tokens are securities or commodities and which regulators oversee them. Crypto companies say the act is necessary to provide legal clarity for the industry and could potentially boost the adoption of cryptocurrencies.
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The passage of the Clarity Act would also hand Trump a second major crypto policy win after he signed a bill supporting dollar-backed tokens known as stablecoins into law last year, even as Democrats say his family’s own crypto profits create a conflict of interest.
The crypto industry spent more than $119 million backing pro-crypto candidates in the 2024 election hoping to advance the Clarity Act and stablecoin law.
Passage of the bill would be a blow for banks, which have fought to limit language that would allow crypto companies to effectively compete for bank deposits by offering rewards on customer stablecoin holdings.
Trump, who courted crypto cash on the campaign trail and whose family has profited from its own token, has prioritized crypto reform during his second administration and the White House has also been pushing hard for the bill, Reuters reported.
Trump in June reported more than $1.4 billion in income from his family’s crypto ventures last year.
Democrats want more restrictions on government officials’ crypto ventures, and negotiations on that aspect of the bill remain fluid.
Source: Reuters
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