A procedural move has brought Washington\u2019s most consequential crypto fight closer to a Senate showdown, despite Democratic concerns over conflicts of interest.<\/p>\n
U.S. Senate Majority Leader John Thune advanced steps on Saturday toward passing a landmark bill that would establish a regulatory framework for cryptocurrencies and, if enacted, would represent a significant victory for President Donald Trump and the crypto industry.<\/p>\n
Early Saturday morning, John Thune filed for a key procedural vote on the Clarity Act. The Senate is expected to take up the vote when it returns from its August recess, potentially clearing the way for the bill to receive full floor consideration afterward.<\/p>\n
The move suggests that Senate Republican leaders hope to secure the 60 votes needed to advance the bill, despite opposition from many Democrats. At least eight Democrats, along with every Republican, must support it for passage.<\/p>\n
The bill would give the crypto industry its first comprehensive federal regulatory framework, defining when tokens are securities or commodities and which regulators oversee them. Crypto companies say the legislation would provide legal clarity and could encourage wider cryptocurrency adoption.<\/p>\n
What the Clarity Act would mean for the crypto industry<\/p>\n
If passed, the bill would become Donald Trump\u2019s second major crypto-related legislative victory after he signed stablecoin legislation last year. Democrats, however, emphasize that the Trump family\u2019s earnings from its own tokens create a conflict of interest.<\/p>\n
According to experts and lobbyists, the industry spent more than $119 million supporting pro-crypto candidates during the 2024 election in hopes of advancing the Clarity Act and the stablecoin bill.<\/p>\n
If enacted, the bill could also deal a blow to banks, which have opposed provisions that would allow crypto companies to compete for bank deposits by offering rewards for holding customers\u2019 stablecoin assets.<\/p>\n
Donald Trump, who actively courted crypto money during his campaign and whose family profits from its own tokens, made crypto reform one of his top priorities in the event of a second term, while the White House has also strongly backed the bill.<\/p>\n
In June, Donald Trump said that his family\u2019s crypto ventures had generated more than $1.4 billion in revenue over the previous year.<\/p>\n
Democrats want to tighten restrictions on crypto projects involving government officials, and negotiations over that part of the bill are ongoing.<\/p>\n
Developments after the Senate returns from its August recess will indicate whether the legislative package can receive final approval before the fall session.<\/p>\n","protected":false},"excerpt":{"rendered":"A procedural move has brought Washington\u2019s most consequential crypto fight closer to a Senate showdown, despite Democratic concerns…\n","protected":false},"author":2,"featured_media":182850,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[142],"tags":[40182,82528,56816,82529,475,50,82530],"class_list":["post-182849","post","type-post","status-publish","format-standard","has-post-thumbnail","category-john-thune","tag-clarity-act","tag-clarity-act-us-crypto-regulation-john-thune-cryptocurrency-legislation-donald-trump-crypto-policy","tag-cryptocurrency-legislation","tag-donald-trump-crypto-policy","tag-john-thune","tag-news","tag-us-crypto-regulation"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@people\/117062389242689541","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts\/182849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/comments?post=182849"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts\/182849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/media\/182850"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/media?parent=182849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/categories?post=182849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/tags?post=182849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}