3 weeks ago
US Crypto Rules Face Delay as Senate Defers Clarity Act
The United States has rules for regular money, but not many clear rules for digital money called crypto.
Some senators wanted to make new rules with a special law called the Clarity Act.
That law would explain what digital money is and which grown-up organizations make sure people follow the rules.
The senators were going to vote on it, but they went on a five-week summer break without voting.
That means the vote has been pushed to September.
A vote needs support from 60 senators to pass, and not all senators agree on the rules.
Some banks and crypto companies disagree about whether people should get rewards for holding dollar-backed digital money.
In the meantime, another country, Russia, made its own new rules for digital money.
Russia's law will let people use bitcoin for trade with other countries starting September 1.
So the United States is still working on its rules, while other countries are moving ahead.
The Senate left Washington for its five-week August recess without voting on the Clarity Act, which would create a regulatory framework for digital assets.
Senate Majority Leader John Thune pushed for a procedural vote on Saturday, but supporters need 60 votes and face continued opposition from key Democrats.
The bill defines the legal status of tokens, specifies which regulators would oversee them, and would ban government officials from operating their own crypto businesses.
Banks oppose allowing crypto exchanges to pay rewards on customer holdings of dollar-backed stablecoins, while crypto companies call a ban on such rewards anti-competitive.
Russia signed a sweeping crypto regulation law permitting bitcoin and other digital assets for cross-border trade starting September 1, 2026.
- Who
- Senate Majority Leader John Thune, Senate Republicans, and key Democrats; crypto industry leaders; Russian President Vladimir Putin, who signed Russia's crypto law.
- What
- The Senate deferred voting on the Clarity Act, a bill creating a regulatory framework for digital assets, while Russia finalized its own sweeping crypto regulation law.
- Where
- Washington, D.C. on Capitol Hill, and Russia.
- When
- August 2026, when the Senate began a five-week August recess; a vote could come in September 2026, and Russia's law takes effect September 1, 2026.
- Why
- A procedural vote was pushed amid a legislative logjam, but 60 votes were required and key Democrats opposed the bill; delay into 2027 with a likely Democratic House majority raises further uncertainty.
Supporters of the bill
Opponents of the bill
Stablecoin reward payments
Supporters of the bill
Crypto companies argue that allowing rewards on customer holdings of dollar-backed stablecoins is legitimate and that prohibiting such rewards would be anti-competitive.
Opponents of the bill
The banking industry argues that crypto exchanges paying rewards on stablecoin holdings could create competition for deposits and affect lending.
Passage of the Clarity Act
Supporters of the bill
Senate Republicans, along with a crypto industry that spent millions campaigning for the bill, want to revive and advance it when the Senate returns in September.
Opponents of the bill
Key Democrats oppose the bill, and if it slips into 2027 a likely Democratic House majority could prioritise investigations over crypto legislation.
Key facts
- Bill
- Clarity Act (digital asset regulatory framework)
- Next possible vote
- September 2026
- Votes needed to pass
- 60
- Senate recess
- Five-week August recess
- Stablecoin rewards provision
- Opposed by the banking industry; supported by crypto companies
- Official crypto business ban
- Bill would ban government officials from operating crypto businesses
- Russia law signer
- President Vladimir Putin
- Russia law effective date
- September 1, 2026
Sources
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