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WASHINGTON: US Senate Majority Leader John Thune moved on Saturday to advance a major bill that would create a regulatory framework for cryptocurrencies which, if passed, would mark a huge victory for President Donald Trump and the crypto industry.
Thune, a Republican, filed to set up a key procedural vote on the Clarity Act when the Senate returns from its August recess in mid-September, potentially paving the way for a full floor vote on the bill.
The move suggests Senate Republican leaders believe they may yet be able to wrangle the 60 votes needed for the bill to pass, despite continued opposition by many Democrats. Currently, the bill needs the support of at least eight Democrats and all of the Senate’s voting Republicans for it to pass.
The legislation would give the crypto industry its first comprehensive federal rulebook, defining when digital tokens are securities or commodities and which regulators oversee them. Crypto companies say the act is necessary to provide legal clarity for the industry and could potentially boost the adoption of cryptocurrencies.
