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John Thune expects Senate to hold initial vote on cryptocurrency regulation bill before recess

Senate Majority Leader John Thune stated on Monday that he anticipates the chamber will hold an initial vote on the Digital Asset Market Clarity Act, a landmark bill designed to establish a federal rulebook for cryptocurrency. The legislation aims to divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, setting standards for the industry. While the administration has already reversed much of the Biden-era enforcement campaign to favor crypto firms, the CLARITY bill would provide permanent statutory boundaries. However, the bill requires 60 votes to pass, and Republicans currently hold 53 seats, necessitating the support of at least seven Democrats. Negotiations are currently focused on resolving ethics provisions regarding President Trump's personal crypto investments. If the bill fails to pass this year, the administration's regulators will continue to move forward with independent rulemakings. The Senate leaves Washington this week and returns on September 14, with the administration's crypto-friendly regulators working to provide clarity for the market.

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