WASHINGTON, D.C. — Senate Republicans have taken a procedural step toward bringing landmark cryptocurrency legislation to the floor in September, but unresolved ethics and banking disputes still threaten the bill’s chances of passage.
Majority Leader John Thune filed a motion Saturday to advance the Digital Asset Market Clarity Act before lawmakers left for their August recess. The move sets up a procedural vote after the Senate returns, where supporters will need 60 votes to overcome a filibuster.
The legislation would create a federal framework for determining when digital assets are regulated as securities or commodities and clarify the respective authority of the Securities and Exchange Commission and Commodity Futures Trading Commission. The crypto industry has spent heavily lobbying for those rules after years of regulatory uncertainty.
One major sticking point is President Donald Trump’s personal financial involvement in cryptocurrency. Democrats are pushing restrictions preventing presidents and other federal officials from profiting from digital assets while in office after Trump reported more than $1.4 billion in family crypto income last year.
Traditional banks are also pressing senators to restrict interest-like rewards on stablecoins, arguing that such products could drain deposits from regulated banks.
Thune’s maneuver keeps the bill alive but does not guarantee passage. The Senate has only a limited September legislative window before the midterms, and continued partisan disagreement could push the broader crypto framework into the next Congress.
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