Senate advances landmark crypto bill before August recess

The U.S. Senate advanced a major cryptocurrency bill on Aug. 8, moving the CLARITY Act toward a later vote. Senate Majority Leader John Thune filed cloture on the motion to proceed, a procedural step that kept the measure alive but stopped short of final passage.

If enacted, the Digital Asset Market Clarity Act of 2025 would create the first broad federal market-structure framework for digital assets, setting rules for exchanges, token issuers, stablecoins, custody services and trading products now spread across securities law, banking law and commodities oversight. The bill sits at the center of a long-running fight over whether the Securities and Exchange Commission or the Commodity Futures Trading Commission should take the lead, and over how far Congress should go on disclosures, market manipulation, consumer protection and custody standards.

The industry poured close to $200 million into the November midterm elections. Supporters have argued that a statute could reduce fraud, bring more certainty to investors and keep companies and talent in the United States, while critics have warned that weak rules could legitimize risky products.

The Senate did not plan to finish the CLARITY Act before the recess, and leaders were targeting September instead. The first possible vote could come after senators reconvene on Sept. 15. That delay follows earlier setbacks on Capitol Hill, including a stablecoin bill that failed to clear a key Senate hurdle on May 8, 2025.