The US Senate postponed a vote on the Clarity Act, digital asset legislation backed heavily by the crypto industry, until September after lawmakers left Washington for their August recess on Saturday. Senate Majority Leader John Thune, a Republican, filed for a procedural vote on September 15 that would need 60 votes to advance the bill to a full floor vote, but analysts say passage faces long odds given Democratic opposition and the compressed Senate schedule before November elections.

The bill would create a regulatory framework for crypto assets and ban government officials from operating crypto businesses, but Democrats and critics argue it lacks sufficient money laundering and ethics safeguards. "I think it's a long shot," said Brian Gardner, chief Washington policy strategist at Stifel, citing lawmakers' distance from agreement on contentious ethics provisions. The Senate returns September 14 and has only 14 days in session before the October recess, Channel NewsAsia business reports.