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Thune Schedules Senate Vote on Trump Crypto Bill Next Week
Senate Majority Leader John Thune scheduled a vote next week on the Digital Asset Market Clarity Act, a Trump-backed bill that would define SEC and CFTC oversight of crypto. The bill needs 60 votes to pass.
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Senate Majority Leader John Thune scheduled a vote next week on the Digital Asset Market Clarity Act, a Trump-backed bill defining federal oversight of digital assets. The vote comes ahead of the August recess.
H.R. 3633 aims to settle the jurisdictional dispute between the Securities and Exchange Commission and the Commodity Futures Trading Commission over crypto assets. The bill defines a digital asset as a commodity if the underlying network is sufficiently decentralized. Assets on networks controlled by a single entity remain under SEC oversight. The House passed the bill in May with bipartisan support.
Endorsements from more than 200 organizations have backed the legislation, its sponsors said. Trump publicly pushed for its passage, calling it a priority for U.S. competitiveness in digital finance.
Consumer advocacy groups have opposed the bill, arguing it creates loopholes that could exempt many crypto assets from securities laws. Senator Elizabeth Warren has signaled her opposition, calling the legislation a giveaway to the crypto industry.
To advance past a filibuster, the bill needs 60 votes. Thune's office has not yet scheduled floor debate or released a whip count.