US Senate Advances Landmark Crypto Bill Amid August Recess

The US Senate has moved to advance the Clarity Act, a landmark bill that would establish a regulatory framework for cryptocurrencies.

Senate Majority Leader John Thune filed for a procedural vote on the bill when the Senate returns from its August recess in mid-September.

This move suggests that Republican leaders believe they can secure the 60 votes needed to pass the bill, despite opposition from many Democrats.

The Clarity Act would give the crypto industry its first comprehensive federal rulebook, defining when digital tokens are securities or commodities and which regulators oversee them.