WASHINGTON — U.S. Senate Majority Leader John Thune moved to advance legislation that would establish a comprehensive federal regulatory framework for cryptocurrencies, setting up a procedural vote on the measure when lawmakers return from their August recess in September.
Thune, a Republican, filed the motion early Saturday, potentially clearing the way for a full Senate vote on the Digital Asset Market Clarity Act, known as the Clarity Act. The move indicates Republican leaders believe they may be able to secure the 60 votes required to advance the bill, although the legislation still faces opposition from many Democrats. At least eight Democratic senators would need to join all voting Senate Republicans for passage.
The legislation would create the first broad federal regulatory framework for digital assets, including rules defining when cryptocurrencies are treated as securities or commodities and determining which federal regulators oversee them. The Senate Banking Committee advanced the measure in May by a 15-9 vote after months of bipartisan negotiations.
Republican supporters have argued that clearer rules would provide greater certainty for investors and cryptocurrency companies while strengthening oversight of digital-asset markets. Senate Banking Committee Chairman Tim Scott said the legislation was intended to establish clearer requirements and safeguards for consumers and market participants.
Democrats have sought stronger restrictions on cryptocurrency ventures involving senior government officials. Senator Elizabeth Warren, the Banking Committee's ranking Democrat, has criticized the legislation over what she described as gaps in provisions addressing conflicts of interest involving President Donald Trump's family cryptocurrency businesses. Negotiations over those provisions remain unresolved.
The bill also faces opposition from parts of the banking industry, which have objected to provisions that could allow cryptocurrency companies to compete more directly with banks for deposits by offering rewards linked to stablecoin holdings.
The measure would build on the GENIUS Act, which established a federal framework for dollar-backed stablecoins and was signed into law last year. President Trump has made cryptocurrency regulation a priority of his administration.
The Senate is scheduled to consider the Clarity Act after returning from its August recess in mid-September, with the procedural vote expected to determine whether the legislation can proceed toward full floor consideration.
