- The U.S. Senate will not vote on the Clarity Act before its August recess, delaying the vote until September.
- Majority Leader John Thune confirmed the delay, citing Democratic resistance ahead of the midterm elections.
- The bill needs roughly six Democratic crossovers to reach the 60-vote threshold, and would still require another House vote before reaching President Trump.
- Ethics provisions concerning President Trump’s crypto holdings remain the primary sticking point.
The U.S. Senate will not vote on the Clarity Act before its August recess, delaying the crypto market structure bill until September and pushing it into the final weeks before midterm campaigning begins. Senate Majority Leader John Thune confirmed the delay late Thursday, stating, “The Dems are insistent on no Clarity vote,” and adding that the bill is queued up for when the chamber returns. A source familiar with the matter told The Block that Democrats were reluctant to vote ahead of the midterms given the industry’s political influence.
Consequently, the vote will now occur during a narrow September window, which is the last realistic opportunity this year. The bill’s math remains unchanged since it cleared the Senate Banking Committee in May with only two Democratic crossovers, leaving roughly six needed on the floor. Should it pass the Senate, the bill would still need to return to the House for another vote before reaching President Donald Trump.
The core roadblocks remain stablecoin rewards, law enforcement provisions, and ethics rules concerning the president’s own crypto holdings, which Bloomberg reports could yield a significant tax windfall for Trump. An addendum requiring divestiture would allow him to defer capital gains taxes on his reported $1.4 billion in crypto earnings, potentially for years or even until death. The addendum would also let state attorneys general sue to enforce the measures if the Justice Department declines.
Meanwhile, industry groups have expressed disappointment but maintain a determined tone, with Crypto Council for Innovation CEO Ji Hun Kim noting that every day without a framework pushes users and builders offshore. However, there is a fallback option, as SEC Chair Paul Atkins said the agency is ready to write crypto rules itself if the legislation stalls, an outcome the industry has resisted.
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