Stock Market: Senate moves to advance Crypto Clarity Act in major win for Trump, industry

US Senate Majority Leader John Thune moved to advance legislation that would establish a comprehensive regulatory framework for cryptocurrencies, potentially delivering a major policy victory for President Donald Trump and the digital asset industry, Reuters reported.

Thune, a Republican, filed early Saturday to set up a key procedural vote on the Clarity Act when the Senate returns from its August recess in mid-September. The move could pave the way for a full Senate vote on the legislation, according to the US Senate Press Gallery website.

Senate faces 60-vote hurdle

The procedural step indicates that Senate Republican leaders believe they may still be able to secure the 60 votes required to advance the bill. The legislation currently needs the support of at least eight Democrats in addition to all voting Republicans in the Senate.


Democratic opposition remains a significant obstacle, with lawmakers seeking additional safeguards and restrictions related to cryptocurrency activities by government officials.

First broad crypto rulebook

The Clarity Act would establish the first comprehensive federal regulatory framework for the US cryptocurrency industry. It would set out rules for determining when digital tokens should be classified as securities or commodities and clarify the responsibilities of federal regulators.

Crypto companies have pushed for the legislation, arguing that clearer rules would reduce regulatory uncertainty and encourage wider adoption of digital assets.

Another crypto win for Trump

Passage of the bill would give Trump another significant victory on cryptocurrency policy. He previously signed legislation establishing a federal framework for dollar-backed stablecoins, marking a major step towards integrating digital assets into the US financial system.

Trump has made cryptocurrency regulation a priority during his second administration after campaigning on promises to make the United States a global hub for digital assets. The White House has also been actively pushing for passage of the Clarity Act, Reuters reported.

The president's family has extensive interests in the crypto sector. Trump reported more than $1.4 billion in income from his family's cryptocurrency ventures last year, according to the information provided in his financial disclosures.

Crypto industry flexes political influence

The cryptocurrency industry spent more than $119 million supporting pro-crypto candidates during the 2024 US election, seeking to influence policy on issues including the Clarity Act and stablecoin regulation.

The industry's political spending has helped elevate cryptocurrency regulation as a major legislative priority in Washington, while also intensifying scrutiny from Democrats over potential conflicts of interest involving Trump and other government officials.

Banks oppose key provisions

The legislation has also drawn opposition from the banking industry, particularly over provisions that could allow cryptocurrency companies to compete more directly with banks for customer deposits.

Banks have sought to limit provisions that would permit crypto firms to offer rewards on customer holdings of stablecoins, arguing that such measures could shift deposits away from traditional financial institutions.

Negotiations over restrictions on cryptocurrency ventures involving government officials remain unresolved. The outcome of those discussions could prove crucial as lawmakers attempt to secure enough Democratic support for the bill when the Senate returns in September.

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