- Senate Majority Leader John Thune said on 3 August that he expects a vote on market structure legislation, though H.R. 3633 has recorded no action since 1 June, when it was placed on the Senate calendar as Calendar No. 423.
- Republicans released a merged Senate text on 22 July barring covered officials, employees and their spouses from issuing or sponsoring a digital asset for consideration, with the ban expiring on 20 January 2029.
- Seven Senate Democrats said the text falls short on ethics, consumer protection, illicit finance, conflicts of interest and market integrity, leaving Republicans to find about seven Democratic votes for the 60 needed to open debate.
Senate Majority Leader John Thune said he expects a vote on crypto market structure legislation before the chamber leaves for a five-week break on Friday, though the bill has recorded no action on the Senate floor since 1 June.
H.R. 3633, the Digital Asset Market Clarity Act, passed the House 294-134 on 17 July 2025 and reached the Senate calendar on 1 June, when Senate Banking chairman Tim Scott reported it with a substitute and it was placed under General Orders as Calendar No. 423.
That entry is still the most recent of the 28 actions in its record. The Senate’s published program for the week of 4 to 7 August covers the African Growth and Opportunity Act extension, the vehicle carrying the continuing resolution, and “any cleared legislative and executive business.”
The crypto bill is not named in it.
“I think market structure we’ll get a vote on. Whether we can get on it or not, we’ll see,” Thune told reporters on 3 August. Opening debate takes 60 votes, so Republicans need roughly seven Democrats.
Senators return on 14 September, and analysts have spent weeks warning that the window was closing.
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Ethics Ban Divides the Chamber
Republicans released the merged Senate text on 22 July, folding the Banking framework together with the Senate Agriculture Committee’s Digital Commodity Intermediaries Act.
Its ethics package bars covered public officials, employees and their spouses from issuing or sponsoring a digital asset in exchange for consideration, gives enforcement to the US Attorney General, and expires on 20 January 2029.
Seven Democrats rejected that language in a joint statement, with Catherine Cortez Masto, Angela Alsobrooks, Cory Booker, Ruben Gallego, John Hickenlooper, Mark Warner and Raphael Warnock, sharing a text stating that provisions covering ethics for elected officials, consumer protection, illicit finance, conflicts of interest and market integrity “must be strengthened.”
President Donald Trump pressed the Senate to pass the bill in July.
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