Senate Braces for Crypto and College Sports Showdowns Amid Midterm Uncertainty

The US Senate is gearing up to tackle two major bills, one aimed at regulating cryptocurrency and another targeting college sports. The CLARITY Act aims to establish a federal regulatory framework for digital assets, with President Trump advocating for its passage.

The bill would divide oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CTFC), clarifying federal rules for digital currencies and tokens. House Financial Services Committee Chairman French Hill supports the legislation, stating that it has bipartisan backing.

However, Democrats have expressed concerns about ethics provisions, particularly regarding President Trump's financial disclosure report showing he earned $1.4 billion from cryptocurrency last year alone. Sen. Elizabeth Warren argues that the bill makes it easier for drug runners and terrorists to fund operations without a paper trail.

The Senate is also set to vote on a bill regulating money in college sports, which aims to cap name, image, and likeness (NIL) payments and restrict athletes from going pro after one transfer. The legislation has bipartisan support, but its passage remains uncertain due to the upcoming midterms and potential disagreements between the White House and Democrats.