US Senate Advances Bill Creating Crypto Rulebook Amid Industry Backing

The US Senate has taken a significant step towards passing legislation that would create a federal regulatory framework for cryptocurrencies, a move that could deliver a major policy victory for President Donald Trump and the crypto industry.

Senate Majority Leader John Thune filed to set up a procedural vote on the Clarity Act when lawmakers return from the August recess in mid-September, potentially paving the way for a full Senate vote, according to the U.S. Senate Press Gallery website.

The Clarity Act would establish the first comprehensive federal rulebook for the cryptocurrency industry by defining when digital tokens should be treated as securities or commodities and determining which regulators would oversee them.