Senate advances major cryptocurrency regulatory framework bill

U.S. Senate Majority Leader John Thune moved on August 8, 2026, to advance the Clarity Act, a landmark cryptocurrency regulatory framework bill, setting up a procedural vote for mid-September 2026. The bill, which requires 60 Senate votes, faces Democratic opposition over ethics concerns, particularly regarding President Donald Trump's family crypto ventures, which generated over $1.4 billion last year. A proposed ethics compromise could allow Trump to defer capital gains taxes on his holdings.

Senate Clarity Act advancement

• ▪On August 8, 2026, U.S. Senate Majority Leader John Thune filed to set up a procedural vote on the Clarity Act, a major cryptocurrency regulatory framework bill, for mid-September 2026
• ▪The Clarity Act requires 60 votes to pass the U.S. Senate, which currently necessitates support from all voting Republicans and at least eight Democrats
• ▪The cryptocurrency industry spent more than $119 million backing pro-cryptocurrency candidates in the 2024 election to help advance the Clarity Act and stablecoin legislation

Cryptocurrency regulatory framework provisions

• ▪A bipartisan ethics proposal pitched to President Donald Trump to help pass the Clarity Act could allow him to defer capital gains taxes on his cryptocurrency holdings
• ▪The Clarity Act contains provisions that would allow cryptocurrency companies to compete for bank deposits by offering rewards on customer stablecoin holdings, which traditional banks oppose
• ▪The Clarity Act would establish a comprehensive federal rulebook for cryptocurrencies, defining when digital tokens are securities or commodities and which regulators oversee them

Trump administration crypto policy priorities

• ▪President Donald Trump previously signed a bill supporting dollar-backed stablecoins into law in 2025
• ▪President Donald Trump has prioritized cryptocurrency reform during his second administration, with the White House actively lobbying for the passage of the Clarity Act

Democratic ethics concerns

• ▪Democratic senators are negotiating for stricter restrictions on government officials' cryptocurrency ventures as part of the ongoing Clarity Act discussions
• ▪Democratic lawmakers have raised concerns over potential conflicts of interest regarding President Donald Trump's family profiting from cryptocurrency ventures
• ▪In June 2026, President Donald Trump reported earning more than $1.4 billion in income from his family's cryptocurrency ventures during the previous year