Senate Republicans advanced the Clarity Act, setting up a key vote that could establish the first federal crypto rulebook.

The CLARITY Act defines SEC and CFTC crypto jurisdiction. The Senate has one day to pass it before recess, but needs 60 votes to clear a

Politico reported that Senate Majority Leader John Thune may still file cloture before the recess, which could position the bill for a vote when senators return in mid-September.