Senate Cryptocurrency Bill Hangs in Balance Ahead of Crucial Vote

The Senate is set to vote on Tuesday at 2:15 p.m. on whether to advance the Clarity Act, a landmark bill aimed at incorporating the cryptocurrency industry into American financial regulation.

The bill has been years in the making and has garnered significant lobbying efforts from crypto companies, with hundreds of millions of dollars spent trying to secure legal certainty for their business models and legitimize digital assets.

However, Democratic negotiators are pushing for changes to new text rolled out by Republicans late Sunday, which could lead to an eleventh-hour scramble to reach a deal that would unlock bipartisan support necessary to advance the bill past its first procedural hurdle on the floor.