The Senate returns to Washington on Monday for a three-week session ahead of the midterms, with leadership scrambling to pass two major legislative priorities: a cryptocurrency regulatory framework and a bill addressing money in college sports. A procedural vote on the Clarity Act is locked in for Tuesday afternoon, requiring 60 votes to advance. Meanwhile, a test vote on college sports legislation is expected by the end of September but lacks a specific date.
The Clarity Act seeks to divide oversight of digital currencies between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). While the bill passed the House last summer with bipartisan support, including 78 Democratic votes, significant obstacles remain in the Senate.
What the Left Is Saying
Democratic senators are expressing deep skepticism about the current version of the crypto bill, primarily due to ethics provisions that they argue favor the Trump family. President Trump’s financial disclosure report indicates he earned $1.4 billion from cryptocurrency last year, a figure that has drawn scrutiny from Democrats who believe the legislation lacks sufficient safeguards against conflicts of interest.
Sen. Adam Schiff, D-Calif., stated that the bill "basically exempts the President from any kind of ethical constraints," adding that such exemptions are unacceptable to the Democratic caucus. Sen. Elizabeth Warren, D-Mass., argued that the legislation is too closely aligned with industry interests, stating, "We need crypto legislation. But not this legislation that has been written by this industry." Warren further contended that the bill could facilitate illicit funding for drug runners and terrorists by reducing paper trails.
What the Right Is Saying
Republicans and President Trump are urging the Senate to move quickly, framing the legislation as essential for maintaining U.S. competitiveness in the global digital asset market. President Trump stated, "We ended the war on crypto once and for all... Now we need Congress to take the next step by passing the Clarity Act."
House Financial Services Committee Chairman French Hill, R-Ark., noted that the bill has already undergone significant bipartisan negotiation, with over 600 pages of text developed over 11 months. Hill acknowledged that ethics remain a sticking point but emphasized the bill's broad support in the House. Sen. Cynthia Lummis, R-Wy., argued that failure to pass the bill could drive crypto companies to jurisdictions with clearer regulations, such as Singapore, Switzerland, or the UAE. Lummis expressed frustration with the delays, stating, "This is the right bill at the right time and it's time to vote."
What the Numbers Show
The Clarity Act requires 60 votes in the Senate to overcome a filibuster. The bill passed the House with 78 Democratic votes, indicating potential for bipartisan support, but the current Senate composition and Democratic objections regarding ethics provisions make the 60-vote threshold uncertain. President Trump’s reported $1.4 billion in crypto earnings last year is a central data point driving Democratic opposition.
Regarding college sports, the Senate has not yet scheduled a specific roll call vote. The urgency for this legislation is partly driven by recent high-profile controversies, including the case of former LSU tight end Dae’Quan Wright, who moved between the NFL and college teams multiple times in a single year. These incidents have highlighted gaps in current regulations governing athlete eligibility and compensation.
The Bottom Line
The Senate faces a narrow window to pass these bills before members depart for midterm election campaigning. The crypto bill’s fate hinges on whether Republicans can secure enough Democratic votes to overcome objections about presidential ethics exemptions. If the Clarity Act fails, it may signal broader legislative gridlock heading into the midterms. The college sports bill remains in limbo, with no confirmed vote date, as senators weigh the political risks of addressing athlete compensation and eligibility rules close to an election.