Senate Majority Leader John Thune filed to advance the CLARITY Act on Saturday, setting up a key procedural vote when the Senate returns from its August recess in September.
Senate Majority Leader John Thune advanced the Clarity Act on Saturday, filing to set up a key procedural vote on the crypto regulatory framework bill when the Senate returns from recess in mid-September.
The move could pave the way for a full floor vote. Passage of the bill would mark a major win for President Donald Trump and the crypto industry.
Path to 60 Votes
The bill still needs 60 votes, meaning all voting Republicans plus at least seven Democrats. Many Democrats oppose it, but Thune’s move signals GOP leaders believe support is within reach.
The Clarity Act would give crypto its first federal rulebook, defining when tokens count as securities or commodities and who regulates them.
Coinbase Inc. (NASDAQ:COIN) CEO Brian Armstrong, who has been a strong backer of the bill, said earlier this week that 70% of Americans want clear crypto rules, regardless of whether they support or oppose the industry.
Second Win for Trump’s Crypto Push
The passage would give Trump a second major victory on cryptocurrency, following last year’s stablecoin law, which set federal rules for dollar-backed digital tokens and marked his first major crypto policy win.
Trump reported more than $1.4 billion in family crypto income last year.
Democrats say the profits pose a conflict of interest, as talks continue over restrictions on cryptocurrency holdings by government officials. Sen. Elizabeth Warren (D-Mass.) has criticized the bill as industry-written legislation that favors crypto firms over consumer protection, national security and financial stability.
The industry spent over $119 million backing pro-crypto candidates in 2024.
For banks, the point of contention in the proposed bill is a provision that would let crypto firms offer rewards on stablecoin holdings. Banks argue this is unfair because crypto firms aren’t subject to the same reserve requirements and regulatory costs banks face, letting them offer higher rewards while competing for the same customer deposits.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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