Overview
- On Friday Senators Thom Tillis and Ruben Gallego delivered revised ethics language to the White House that would let state prosecutors enforce limits on federal officials issuing or sponsoring tokens.
- Treasury Secretary Scott Bessent publicly demanded a Senate vote this week, pressing leaders to test support before lawmakers leave for the August recess.
- Senate leaders have reserved floor time but the chamber still needs roughly 60 votes to advance the bill because Republicans control about 53 seats and must attract multiple Democratic crossovers.
- Key technical disputes remain unresolved, including the Blockchain Regulatory Certainty Act that would shield some non‑custodial developers from Bank Secrecy Act registration, stablecoin yield limits, and anti‑money‑laundering rules for DeFi.
- Industry and institutional backers from Block to Fidelity and Coinbase are lobbying for action, but prediction markets have cut passage odds into the mid‑20s to high‑30s percent range and regulators such as the SEC are seen as the likely fallback if Congress does not act.