The U.S. Senate will not vote on the Digital Asset Market Clarity Act before its August recess, pushing the flagship crypto market structure bill to September at the earliest and dimming hopes that comprehensive regulation will land this month.
Senate Majority Leader John Thune confirmed through a spokesperson that no August vote would occur, but committed to bringing the bill to the floor when the Senate returns on September 14. Lawmakers will then have approximately three weeks to work through a legislative backlog that also includes government funding and a Russia sanctions bill.
Political Hurdles, Not Drafting Problems
The delay is political rather than technical. Lawmakers have resolved the vast majority of substantive disagreements in the bill text, which received independent approvals from both the Senate Banking Committee and the Agriculture Committee.
The primary remaining sticking point is an ethics provision targeting President Donald Trump, who disclosed more than $1 billion in income from his various crypto businesses in 2025. While Trump agreed to an ethics provision brokered by Senator Cynthia Lummis, Senate Democrats — and some Republicans including Thom Tillis — say the language does not go far enough. Tillis and Senator Ruben Gallego drafted a counter-proposal sent to the White House in late July. The White House has not publicly responded.
Several Republican senators have separately announced opposition to the bill. Senator Josh Hawley and Senator Jerry Moran both stated they would vote no without significant changes. The bill needs 60 votes to pass; it is unclear whether it currently has 50.
Industry Reaction
Trade groups expressed frustration but vowed to keep pushing.
"While this isn't the result any of us hoped for when we began the week, the fight is far from over," said Cody Carbone, CEO of the Digital Chamber. "The next few weeks we will continue to work to find the last pieces of common ground needed to set up a successful vote when Congress returns in September."
Ji Hun Kim, CEO of the Crypto Council for Innovation, called the delay "disappointing," adding: "Every day without such a framework pushes American users and builders offshore and leaves consumers at risk."
Market Impact
The news weighed on major cryptocurrencies. XRP, which has been tightly linked to regulatory outcomes, fell 5.5% over the week to $1.02 — the worst performer among major digital assets. Bitcoin held flat near $64,300, while ether traded at $1,897.
The Clarity Act is widely viewed as the key unlocking a massive institutional bid for cryptocurrencies by establishing which U.S. regulator — the SEC or CFTC — has jurisdiction over which digital assets. Without it, institutional capital remains cautious and the regulatory gray zone persists.
The Senate returns to Washington on September 14.