The delay pushes the crypto market structure bill into a narrow September window before midterm campaigning. Democrats are holding out for ethics provisions that could affect Trump's holdings.
Alpha Score of 49 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
The U.S. Senate will not vote on the Clarity Act before its August recess, pushing the crypto market structure bill to September and into a narrow window before midterm campaigning consumes the calendar.
Senate Majority Leader John Thune confirmed the delay late Thursday. "The Dems are insistent on no Clarity vote," he said in remarks posted by his press office, adding that he had worked with the bill's sponsors and that Senator Cynthia Lummis "was great, and we're getting that queued up first thing when we come back."
The chamber leaves Friday and returns in mid-September for a few weeks before attention shifts to November's elections. That window is the last realistic one this year. A source familiar with the matter told The Block that Senate Democrats were reluctant to vote ahead of the midterms given the crypto industry's growing political influence, and that the delay buys time to assemble the 60 votes needed.
The math has not changed since the bill cleared the Senate Banking Committee 15-9 in May, when only two Democrats crossed, Ruben Gallego and Angela Alsobrooks. Roughly six are needed on the floor. Republican support has also wavered. Should the bill clear the Senate, it would return to the House for another vote before reaching President Donald Trump.
The sticking points are stablecoin rewards, whether the bill arms law enforcement against illicit finance, and ethics provisions covering Trump's own crypto holdings. An addendum negotiated by Senators Thom Tillis and Gallego, still unreleased and being worked out with the White House, would require the president to divest from crypto-related businesses. Forced divestiture would also let him defer federal capital gains tax on those holdings, potentially for years, Bloomberg reported. If he held the replacement investments until death the gains would escape tax entirely.
Trump reported $1.4 billion in crypto and meme coin earnings for 2025, and holds a 38% stake in World Liberty Financial through an affiliated company. Without deferral he would face a 20% rate. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have both used the same provision on their own divestments. The addendum would also let state attorneys general sue to enforce the ethics measures where the Justice Department declines to. Whether Trump accepts it is unresolved.
Galaxy Research cut its odds of passage this year to a coin toss in June, as reported. Decrypt reported two weeks ago that the bill was on the ropes, with Thune already signalling it would not clear the chamber before the break, as covered.
Industry groups struck a determined tone. Crypto Council for Innovation CEO Ji Hun Kim noted the postponement was disappointing but the direction unchanged. Every day without a framework "pushes American users and builders offshore and leaves consumers at risk," Kim said in a statement.
There is a fallback should the Clarity Act falter. SEC Chair Paul Atkins said last month the agency is ready to write crypto rules itself if the legislation stalls, an outcome the industry has resisted because regulation by rulemaking can be undone by the next administration.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.