Senate Advances Landmark Crypto Regulation Bill Ahead of Crucial Vote

The U.S. Senate is pushing forward with a landmark bill establishing a comprehensive regulatory framework for cryptocurrencies, setting up a pivotal vote after Congress's summer recess.

Senate Majority Leader John Thune has taken procedural steps to advance the Digital Asset Market Clarity Act, which would give the crypto sector its first federal rulebook by defining when digital tokens are classified as securities or commodities and establishing regulatory jurisdictions for the SEC and CFTC.

The bill's progress is viewed as a significant blow to traditional Wall Street banking institutions, which have lobbied against provisions that would allow non-bank crypto firms to offer yield-like rewards on customer stablecoin holdings.