Overview
- Senate Majority Leader John Thune confirmed late Thursday that leaders will not hold a floor or procedural vote before the August recess and will queue the bill for when senators return in mid-September.
- Lawmakers remain deadlocked over enforceable ethics language tied to President Trump’s crypto holdings, limits on stablecoin rewards, and stronger anti‑money‑laundering and consumer‑protection tools.
- Republicans hold 53 seats so advancing the bill requires roughly seven Democratic crossovers to reach the 60‑vote cloture threshold needed to move the measure to a final Senate debate.
- Prediction markets and analysts have sharply cut the odds of passage in 2026 into the mid‑teens, and some market observers expect short, price‑softening volatility as traders adjust expectations.
- The bill cleared the House in July 2025 and the Senate Banking Committee in May 2026, but supporters now face a tight September calendar and growing industry pressure to either win a deal or risk agency rulemaking by the SEC or CFTC.