Senate to hold Tuesday procedural vote on cryptocurrency Clarity Act

New language bars public officials from issuing or sponsoring digital assets

The Senate is expected to hold its preliminary vote on the Clarity Act on Tuesday, The Hill reported. Sen. Cynthia Lummis said Senate Republicans released the updated language on the legislation Sunday.

“After a year of intense daily bipartisan negotiations, this bill is ready,” Lummis said.

In a post on X, Lummis said: “Tomorrow, my colleagues have a choice to make: American leadership, real consumer protections, and giving law enforcement the tools they need to address illicit finance, or drive the digital asset industry overseas, leaving consumers vulnerable, and sidelining American leadership knowing full well that no other country is capable of regulating this industry as well as the United States.”

“The Clarity Act is right in front of us and this moment won’t come along again for years,” she said. “Let’s take the win and get this done.”

The updated language bars public officials from issuing or sponsoring digital assets, a provision enforceable by either the Justice Department or state attorneys general.

The Senate Banking Committee approved the Clarity Act in May, and the White House gave its support in July. Democrats opposed putting the Justice Department in charge of enforcement, and CNBC reported that Democrats sought ethics language addressing cryptocurrency ventures and profits by the family of President Donald Trump.

It remains unclear whether the updated language will gain Democratic support and reach the 60 votes needed for passage. The chamber needs at least seven Democrats to join Republicans on the vote to avoid a filibuster.

Sen. Chris Van Hollen, D-Md., said his constituents are not overly concerned with passage of the bill. “This is a bill that is masquerading as a way to create good regulation and protection for consumers with respect to cryptocurrency, but it has some big problems that have not been fixed,” he said in a video posted Sunday on X.

In a post on X, Van Hollen wrote: “In August, we stopped the Clarity Act, but when the Senate returns this week the crypto industry & their Republican flunkies in Congress will try again. As is, this bill does nothing to stop Trump’s crypto corruption or the use of crypto by bad actors. We can’t let this pass.”