US Senate advances landmark crypto bill before heading on August recess

The U.S. Senate is set to advance a landmark crypto bill, the Clarity Act, ahead of its August recess, potentially paving the way for a full floor vote in mid-September. The bill, which would create a regulatory framework for cryptocurrencies, has been pushed by Senate Majority Leader John Thune and the Trump administration, marking a significant victory for the crypto industry.

If passed, the act would provide legal clarity for the industry, defining when digital tokens are securities or commodities and which regulators oversee them. The legislation requires support from at least eight Democrats and all Senate Republicans for passage, a feat that remains uncertain given opposition from many Democrats. Banks have fought to limit language that would allow crypto companies to compete for bank deposits, while Trump has prioritized crypto reform during his second administration, having reported over $1.4 billion in income from his family's crypto ventures in 2023.

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