Crypto regulation bill faces Senate vote

A cryptocurrency regulation bill is poised to face a key test on the Senate floor this week, as lawmakers weigh whether to advance the measure after nearly a year of negotiations.

© Illustration / Courtney Jones; and Adobe Stock

Supporters of the Clarity Act are trying to get crypto-friendly Democrats and a handful of GOP holdouts on board to clear the procedural vote Tuesday.

Senate Republicans released updated bill text late Sunday, featuring a new White House-approved ethics provision and tweaks to several other sections that have plagued talks for months. But it’s unclear whether it will be enough to win over the needed votes.

“These changes might not be enough to gain sufficient Democratic support, but they open the door to attracting at least a few Democratic ‘yes’ votes,” Brian Gardner, Stifel’s chief Washington strategist, wrote in a note Monday.

Sen. Cynthia Lummis (R-Wyo.), alongside Senate Banking Chair Tim Scott (R-S.C.) and Senate Agriculture Chair John Boozman (R-Ark.), unveiled new Clarity Act text over the weekend that an aide described as their “last, best and final offer.”

“Democrats got what they wanted; now they need to take yes for an answer,” Lummis said in a statement Sunday.

Most notably, the latest bill text included new ethics language approved by the White House — a central issue for Democrats.

They have long pushed for restrictions on elected officials’ involvement in the industry amid concerns about President Trump and his family’s crypto ventures.

Trump agreed to some limitations in late July that would bar public officials and their spouses from issuing or sponsoring digital assets.

But Democrats argued it fell short. They took issue with the decision to put the Department of Justice (DOJ) in charge of enforcement.

Democrats were dubious about how strongly the agency would enforce such restrictions under Trump and pushed to shift this task to state attorneys general instead.

The new ethics provision released Sunday would allow state attorneys general to bring cases against the DOJ or crypto companies over violations.

It also removed language that would have caused the section to sunset at the end of Trump’s presidency.

A Senate GOP aide suggested that Trump agreed to about 80 percent of the proposal sent over by Sens. Ruben Gallego (D-Ariz.) and Thom Tillis (R-N.C.) in late July.

Welcome to The Hill’s Business & Economy newsletter , I’m Julia Shapero — bringing you the latest on the intersection of Wall Street and Pennsylvania Avenue.

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Key business and economic news with implications this week and beyond:

The Trump administration on Monday gutted the rules governing the nation’s climate regulations for power plants.

Chicago Mayor Brandon Johnson (D) announced Sunday he is running for reelection, more than three years after he ascended to the office.

Rapper Macklemore said Monday that stadium owners, among them Robert Kraft of the New England Patriots, fueled his ouster from pop star Ed Sheeran’s ongoing tour following his pro-Palestinian advocacy.

The 10-year U.S. Treasury bond yield surpassed 5 percent during Monday trading, marking just the second time it has done so in the past 19 years.

Upcoming news themes and events we’re watching:

The Federal Reserve wraps up its September meeting Wednesday at 2 p.m., followed by a press conference with Fed Chair Kevin Warsh at 2:30 p.m. EDT.

Business and economic news we’ve flagged from other outlets:

Wall Street ends down, calls for AI slowdown pummel chipmakers ( Reuters )

Oil executives say the great fuel crisis is here ( Wall Street Journal )

Influencer and model Bettina Trump, the wife of Donald Trump Jr., defended the couple’s wedding gift given to them by Russian oligarch Umar Kremlev. Read more

Sen. Mitch McConnell (R-Ky.) returned to the Senate Monday evening to cast his first vote since June 11 after spending months away from the Capitol recuperating from a fall he suffered at home. Read more

Opinions related to business and economic issues submitted to The Hill: