Senate Vote Looms for Landmark Crypto Bill as Industry Holds Breath

The U.S. Senate is set to vote on Tuesday on advancing landmark cryptocurrency legislation, potentially determining the fate of the bill in a busy election year.

The Clarity Act aims to create a regulatory framework for digital assets, which crypto companies say would put them on more solid legal footing. The industry has spent hundreds of millions of dollars campaigning to advance the bill.

However, it remains unclear if the legislation can garner the 60 votes needed to advance, even after Senate Republicans released a new text in an effort to address concerns from the banking industry and some Democrats.