Senate Votes Open on Crypto Clarity Act, Bill's Approval Odds Improve

The U.S. Senate has taken its first step towards voting on the Digital Assets Market Clarity Act, a bill aimed at providing clarity on the regulation of digital commodities in the market.

The bill, which has been a long-time effort for the industry, had missed its window to get a vote before the Senate's summer break, leaving it in a long-shot position to get approval in September. However, the recent movement suggests that the bill may still have a chance of passing this year.

The first procedural votes on the Clarity Act were initiated after the leadership moved early Saturday to start official floor action on the crypto market structure bill. This key advance was announced after a marathon overnight voting session.