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U.S. Senate Majority Leader John Thune filed early Saturday to advance the Clarity Act, setting up a crucial procedural vote when the Senate returns from its August recess in mid-September.
The move signals that Senate Republican leaders believe they can assemble the 60 votes required to pass the bill, which would establish the first comprehensive federal rulebook for cryptocurrencies by defining digital tokens and clarifying regulatory oversight.
If passed, the legislation would deliver a second major policy victory for President Donald Trump, following his signature on a stablecoin law last year.
The White House continues to push aggressively for the bill, which aligns with Trump’s second-term priorities after crypto political action committees spent over $119 million supporting pro-crypto candidates during the 2024 election.
The bill faces strong pushback from traditional banks, which oppose language allowing crypto firms to offer rewards on stablecoins and directly compete for deposits.
Meanwhile, Senate Democrats continue to express concern over ethical conflicts, pointing to the Trump family’s extensive digital token ventures and demanding stricter limitations on crypto profits for government officials as negotiations continue.
