The United States Senate has taken steps to advance the Clarity Act, a major cryptocurrency bill that seeks to establish the country’s first comprehensive federal regulatory framework for digital assets.
Senate Majority Leader John Thune filed a motion early Saturday to move the legislation forward, setting the stage for a crucial procedural vote when lawmakers return from their August recess in mid-September.
The move suggests that Senate Republican leaders believe they may have enough support to secure the 60 votes required to pass the bill.
If approved, the Clarity Act would provide clearer rules for the cryptocurrency industry by defining digital assets and outlining the responsibilities of federal regulators in overseeing the sector.
The legislation could also represent another major policy victory for President Donald Trump, following his signing of a stablecoin law last year.
The White House has continued to push for the passage of the bill, which aligns with Trump’s second-term agenda on cryptocurrency.
Crypto-focused political action committees reportedly spent more than $119 million supporting pro-crypto candidates during the 2024 election.
However, the bill is facing opposition from traditional banks, which are particularly concerned about provisions that could allow cryptocurrency companies to offer rewards on stablecoins and compete directly with banks for customer deposits.
Senate Democrats have also raised concerns about potential ethical conflicts involving the Trump family’s cryptocurrency ventures.
They are demanding stricter restrictions on cryptocurrency-related profits for government officials as negotiations over the bill continue.
The outcome of the Senate vote in September is expected to determine whether the Clarity Act can move closer to becoming law.
