US Senate Moves to Advance Landmark Crypto Regulatory Bill

U.S. Senate Majority Leader John Thune has moved to advance the Clarity Act, a landmark bill that would create a regulatory framework for cryptocurrencies.

The legislation, which could be voted on by mid-September, aims to provide clarity on when digital tokens are securities or commodities and which regulators oversee them.

Crypto companies believe the act is necessary to boost adoption and competitiveness with traditional banks, which have fought against language that would allow crypto firms to offer rewards on customer stablecoin holdings.

Passage of the bill would mark a major victory for U.S. President Donald Trump, who has prioritized crypto reform during his second administration.