US Senate Votes Looming on Groundbreaking Crypto Legislation

The US Senate is set to vote on whether to advance the first comprehensive cryptocurrency legislation, dubbed the Clarity Act. The bill aims to create a regulatory framework for digital assets, which crypto companies say would put them on a more solid legal footing.

The industry has spent hundreds of millions of dollars campaigning to advance the bill, but it remains unclear if the legislation can garner the 60 votes needed to advance.

Senate Republicans released a new text in an effort to address concerns from the banking industry and some Democrats. The revised version gives state attorneys general more power to enforce restrictions on public officeholders profiting from their own crypto ventures.

The vote is procedural but seen as a key test, with little time remaining for Senate Republicans to revive the bill if it fails. Three key crypto industry trade groups issued a joint statement urging lawmakers to advance the bill.