Crypto Bill Hits Roadblock as Senate Delays Vote Until September

The U.S. Senate's decision to delay voting on the Clarity Act has dimmed hopes for once-in-a-generation digital asset legislation, despite promises from Senate Republicans to advance the bill in September.

The Senate left Washington for a five-week recess without holding a vote on the Clarity Act, which would create a regulatory framework for digital assets. The deep-pocketed industry has spent hundreds of millions of dollars campaigning to advance the bill, but it faces continued opposition from key Democrats needed to clinch 60 votes.

Senate Majority Leader John Thune pushed a procedural vote on Saturday that could kickstart the process of advancing the bill to the Senate floor in September. However, many analysts and lobbyists are skeptical about its future due to the November elections and the limited time lawmakers will have to resolve ongoing differences.