Autor Cointelegraph By Turner Wright

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

The window for the US Congress to pass a comprehensive market structure bill on cryptocurrencies is closing, with the Senate set to go on recess in a matter of days, and lawmakers still have not announced clear plans to vote on the legislation.In a Wednesday X post, Senator Cynthia Lummis said she anticipated that the Senate would vote on the Digital Asset Market Clarity (CLARITY) Act before the chamber breaks for its month-long August recess. The Wyoming lawmaker has been one of the biggest proponents for the crypto bill, which has split many members of Congress and industry leaders over different provisions on ethics, stablecoins and tokenized equities. “It’s just time to get people on the record,” said Lummis.The CLARITY Act, which has been under consideration in the Senate since its passage in the House of Representatives in July 2025 with a 294-to-134 vote, still faces opposition from many Democrats looking for stronger ethics provisions affecting US President Donald Trump’s investments. The president has been under additional scrutiny since he disclosed he earned more than $1.4 billion from investments tied to digital assets in 2025.Related: CLARITY Act failure could send crypto valuations lower: Bernstein60-vote hurdle needed to pass CLARITYAs of Wednesday, Senate Democrats’ calendar showed no vote scheduled for CLARITY, giving the chamber only a few business days to resolve the matter. However, Senate Majority Leader John Thune, the Republican lawmaker who would have the authority to schedule a vote, is reportedly still planning to do so before Saturday. The bill would need 60 votes in the Senate to invoke cloture and end a filibuster, allowing it to advance in Congress.The bill also faces opposition from at least one Republican lawmaker, according to a recent Politico report. Senator Josh Hawley will reportedly withhold voting in favor of the bill until it addresses concerns from banks. Although lawmakers did reach a compromise on the bill with banking groups over stablecoin yield, some industry leaders have continued to push for provisions requiring crypto companies to have comparable licensing and restrictions as banks. After Friday, the Senate will be on recess until mid-September, pushing consideration of the crypto bill into the lead-up to the 2026 midterm elections.Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reachCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Michigan State Representative Donavan McKinney won a Democratic primary against incumbent House Representative Shri Thanedar in a race that raised accusations of payback by the cryptocurrency industry.McKinney won the primary for Michigan’s 13th Congressional District with 51.9% of the vote against Thanedar’s 48.1% as of Wednesday, the New York Times reported. The primary saw a cryptocurrency-backed political action committee (PAC) spending more than $2 million on media in an attempt to re-elect Thanedar, who has voted in favor of many bills favoring the industry while in Congress. Election results for Democratic primary in Michigan’s 13th congressional district. Source: The New York TimesMcKinney, considered by many to be a progressive challenger to two-term Thanedar, has already received support from the Democratic National Committee and the Democratic Socialists of America on his primary victory. During the campaign, he accused the crypto industry of “paying my opponent back for helping Trump make over $1 billion since taking office,” likely referring to Thanedar’s voting record.Protect Progress, the super PAC responsible for funding the ads supporting Thanedar and opposing McKinney, is affiliated with Fairshake, a group backed primarily by crypto companies Coinbase and Ripple. After spending more than $170 million in the 2024 US election cycle on similar races involving pro- and anti-crypto candidates, Fairshake and its affiliates have poured additional millions of dollars into media for politicians in this year’s primaries in several US states ahead of the November general election.Related: Nigel Farage to resign from UK Parliament amid crypto “gift” scandal, will stand in by-electionIn addition to voting for bills like the GENIUS Act and CLARITY Act in the House of Representatives, Thanedar also reportedly lost more than $600,000 in the second quarter of 2026 after investing $3.7 million of campaign funds into crypto companies. ”Washington has spent too long serving billionaires and corporate interests,” said McKinney in a Wednesday X post. ”I will always only serve the people I represent.”McKinney will face off against Republican candidate Taras Nykoriak in the November election. Cointelegraph sought a comment from McKinney’s campaign on Wednesday but did not receive an immediate response.PAC-supported candidate wins Washington primaryIn addition to Protect Progress’ efforts in Michigan, the Fairshake affiliate Defend American Jobs spent more than $65,000 on media to support Republican Amanda McKinney (no relation to the Michigan candidate) in Washington’s 4th congressional district. McKinney will face off against Democrat John Duresky in November, with both candidates securing more than 30% of the vote in Tuesday’s primary to advance to the general election.Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reach

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.