Web3: U.S. Senate advances procedural vote on crypto bill

The leadership of the U.S. Senate Republicans is pushing a key crypto bill into the next stage. This bill, called the Clarity Act, aims to establish the first relatively comprehensive federal regulatory framework for the U.S. crypto industry. If it passes in the future, it will mark another major crypto policy development in Trump’s second term.

Key vote expected after September recess

Senate Majority Whip John Thune initiated the related procedural arrangements early Saturday morning to prepare for a crucial procedural vote in the Senate after the August recess ends in mid-September. If this step is approved, the bill will have a chance to move to a full Senate vote.

This also indicates that Senate Republican leadership believes the bill still has a chance to muster the 60 votes needed for passage. Under the current seat distribution, in addition to all voting Republican senators, the bill will require the support of at least 8 Democratic senators.

Bill aims to clarify token attributes and regulatory responsibilities

The core content of the Clarity Act is to establish basic federal-level rules for crypto assets, to clarify under what circumstances digital tokens are considered securities or commodities, and to assign the corresponding responsibilities to regulators.

For a long time, the U.S. crypto industry has been challenged by fragmented regulatory interpretations. Industry participants believe that such legislation can help reduce compliance uncertainty and may encourage more institutions and enterprises to adopt crypto asset-related products.

Democratic opposition remains, banking sector has concerns

However, the bill’s progress still faces resistance. Multiple Democratic senators continue to oppose the measure and hope to impose more restrictions on government officials participating in crypto businesses. Negotiations around this aspect are still ongoing.

Apart from partisan divisions, the banking sector also has reservations about some of the bill’s provisions. Reports state that banks have been trying to limit certain language to prevent crypto companies from competing directly with bank deposit business by offering rewards to stablecoin holders.

• Threshold for passage: Senate must reach 60 votes
• Democratic support needed: at least 8 votes
• Next milestone: after the Senate resumes in mid-September

Trump may achieve another crypto policy win

If the bill ultimately passes, Trump will secure another crypto policy achievement. Previously, he signed a bill supporting the U.S. dollar stablecoin. The White House has also been pushing for the advancement of the Clarity Act recently.

Democrats, on the other hand, point to the Trump family’s income from crypto business, arguing that there are conflicts of interest. Reports noted that in June of this year, Trump disclosed that his family earned over $1.4 billion in revenue from crypto business last year.

Additionally, the crypto industry invested over $119 million in the 2024 U.S. election cycle to support pro-crypto candidates, with one of the goals being to promote the passage of the Clarity Act and stablecoin legislation.