Senate Advances Landmark Crypto Bill Ahead of August Recess
The US Senate has moved to advance a landmark crypto bill that would establish a regulatory framework for cryptocurrencies. The Clarity Act, if passed, would mark a significant victory for President Donald Trump and the crypto industry.
Senate Majority Leader John Thune filed a procedural vote on the Clarity Act on Saturday, potentially paving the way for a full floor vote when the Senate returns from its August recess in mid-September. The bill needs the support of at least eight Democrats and all voting Republicans to pass.
The legislation would give the crypto industry its first comprehensive federal rulebook, defining when digital tokens are securities or commodities and which regulators oversee them. Crypto companies say the act is necessary to provide legal clarity for the industry and could potentially boost adoption of cryptocurrencies.