The U.S. Senate has postponed the vote on the Clarity Act, a crypto bill, until September

The U.S. Senate went on a month-long recess without voting on the Clarity Act—a bill aimed at regulating the cryptocurrency market. Consideration of the bill has been postponed until September, leaving an extremely narrow window for its passage before the start of the campaign for the November midterm elections.

Senate Majority Leader John Thune confirmed the delay on Thursday evening. «The Democrats are insisting that there be no vote on the Clarity Act,» he said, adding that he had held talks with the bill’s sponsors and that Senator Cynthia Lummis «did a great job.» Thune promised to bring the bill to a vote immediately upon returning from recess in mid-September.

According to sources familiar with the situation, Democrats are in no hurry to vote ahead of the election, given the crypto industry’s growing political influence. To overcome the 60-vote threshold, Republicans need to secure the support of approximately six Democrats. So far, only two have expressed willingness to do so—Ruben Gallego of Arizona and Angela Alsobrooks of Maryland—who supported the bill back in May during a vote in the Senate Banking Committee (15 votes «for,» 9 against). Some Republicans are also wavering. If the Senate does pass the bill, it will return to the House of Representatives for another vote, and only then will it go to President Donald Trump for his signature.

The main stumbling block remains the ethical provisions related to Trump’s own personal cryptocurrency holdings. An amendment being jointly drafted by Senators Tom Tillis and Ruben Gallego, with input from the White House, would require the president to sell his shares in cryptocurrency companies. This forced sale would entitle the owner to defer federal capital gains tax—potentially for years—and, if the assets are held until the owner’s death, to avoid paying it entirely, according to Bloomberg. Trump reported $ 1.4 billion in income from cryptocurrencies and meme coins for 2025 and also owns a 38% stake in World Liberty Financial through an affiliated entity. Without a deferral, he faces a 20% tax rate. Commerce Secretary Howard Latnik and Treasury Secretary Scott Bessent have already used a similar mechanism when selling their own assets.

Other contentious issues include stablecoin rewards, whether the bill’s tools are sufficient to combat illegal financial transactions, and the right of state attorneys general to file lawsuits to enforce ethical standards in cases where the Department of Justice refuses to act. Whether Trump will agree to these conditions remains to be seen.

Industry organizations are trying to remain optimistic. Ji Han Kim, CEO of the Crypto Council for Innovation, called the delay a disappointment but emphasized that the direction of the work has not changed. According to him, every day without a clear regulatory framework «pushes American users and developers overseas and leaves consumers at risk.»

If the Clarity Act fails, there is a fallback option: Securities and Exchange Commission (SEC) Chairman Paul Atkins stated last month that the SEC is prepared to draft crypto regulations on its own should the legislative process stall. However, the industry is not satisfied with this scenario—regulations adopted through rulemaking could be easily repealed by the next administration.