Key facts
- The US Senate will vote Tuesday on advancing the Clarity Act, a cryptocurrency bill.
- Senator Cynthia Lummis stated the bill would allow US banks to hold Bitcoin.
- The bill requires 60 votes to advance, needing support from Democrats.
- Lummis said the revised bill incorporates over 120 Democratic demands and new ethics restrictions.
- Polymarket odds for the Clarity Act becoming law in 2026 fell to 19%.
The US Senate is set to vote on advancing the Clarity Act, a significant cryptocurrency bill, at 2:15 p.m. ET on Tuesday. Senator Cynthia Lummis, a proponent of digital assets, stated that the revised bill includes over 120 negotiated changes demanded by Democrats, along with new ethics restrictions agreed to by Donald Trump. Lummis urged Democrats to support the bill, warning that failure to pass the cloture vote, which requires 60 votes, would effectively kill the legislation for 2026. The bill, which aims to split oversight of digital assets between the SEC and CFTC, previously passed the House in July 2025 and the Senate Banking Committee in May 2026 with limited Democratic support. Prediction markets show waning confidence, with odds of the bill becoming law in 2026 falling to 19% as of Tuesday. Some Democrats, like Senator Elizabeth Warren, remain unconvinced that the ethics provisions adequately address potential conflicts of interest.