US Senate to vote on advancing landmark crypto bill

On September 15, the U.S. Senate will vote on advancing landmark cryptocurrency legislation, known as the Clarity Act. This bill aims to establish a regulatory framework for digital assets, providing crypto companies with clearer legal guidelines. Despite deep-pocketed industry efforts to push the bill, its passage remains uncertain due to the need for 60 votes and Republican Senate leaders' limited calendar in an election year.

The bill, which has garnered support from the crypto industry, has been criticized by banking groups who are concerned about stablecoin rewards potentially hindering banks' ability to extend credit. Democrats have pushed for stricter limits on public officials' involvement in crypto ventures, including a requirement for politicians to divest from crypto companies or place their assets in a blind trust. The Senate is expected to vote shortly after 2 p.m. EDT (1800 GMT).