Sen. John Thune, Senate Majority Leader, has taken a key procedural step toward advancing legislation that would establish the country’s first broad federal framework for crypto regulation, setting up a potential vote when lawmakers return from their August recess.
Thune filed a motion early Saturday to schedule a procedural vote on the measure for September. If the vote succeeds, the measure could proceed to consideration by the full Senate.
The development indicates that Republican lawmakers remain hopeful of securing the 60 votes required for passage, although the legislation continues to face resistance from Democrats. With Republicans holding a narrow majority, at least eight Democratic senators would need to join every voting Republican to push the bill through.
The Clarity Act would establish federal rules governing digital assets and clarify the responsibilities of regulators. Among other provisions, it would establish standards for determining whether particular cryptocurrencies should be treated as commodities or securities and identify which federal agencies would supervise them.
Industry representatives have argued that such legislation is needed to remove uncertainty surrounding the legal status of digital assets. They say clearer regulations could encourage companies to operate and invest in the U.S. while helping expand the use of cryptocurrencies.
For President Trump, approval of the measure would represent another major achievement on an issue he has made central to his second administration. Last year, he signed legislation creating a federal framework for stablecoins.
Democrats, however, have raised concerns over potential conflicts involving Trump’s family and its crypto businesses. They have called for stronger restrictions on digital-asset activities involving government officials, with negotiations over those provisions still unresolved.
The cryptocurrency industry has invested heavily in shaping U.S. policy. Over $119 million was spent during the 2024 election cycle to support candidates viewed as favorable toward digital assets, with industry groups seeking lawmakers willing to advance measures such as the GENIUS Act and the Clarity Act.
The bill has also drawn opposition from parts of the banking sector. Banks have challenged provisions that could allow crypto companies to compete more directly for deposits by offering incentives tied to customers’ stablecoin holdings.
Trump made crypto a prominent part of his 2024 campaign and has continued to promote regulatory changes since returning to office. His family’s digital-asset ventures have also generated substantial income, adding another layer to the political debate over the administration’s crypto agenda.
What the industry, including companies like Canaan Inc. (NASDAQ: CAN), would like to see is a clear regulatory system that firms can refer to when making their future plans before committing investment capital. Controversy over suspected conflicts of interest doesn’t serve the industry in any way.
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