Senate leaves town without voting on crypto bill, dimming its chances of passing

The US Senate left for its August recess without voting on a cryptocurrency regulation bill, which has dimmed its chances of passing before the midterm elections. The bill, known as the Clarity Act, aims to create a regulatory framework for the crypto industry.

Despite this setback, Republican Senator John Thune filed a motion to set up a key procedural vote on the bill when the Senate returns in mid-September. This move could potentially pave the way for a full floor vote on the bill. According to Investing.com, Thune's action suggests that Senate Republican leaders believe they may still be able to secure the 60 votes needed for the bill to pass.

The Clarity Act would provide the crypto industry with its first comprehensive federal rulebook, defining when digital tokens are securities or commodities and which regulators oversee them. The bill needs the support of at least eight Democrats and all of the Senate's voting Republicans to pass.

Brief written by urgent.news from The Hill, Economic Times Tech, Investing.com — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.