The US cryptocurrency industry originally hoped to push for landmark digital asset legislation, but the chances of achieving this goal are gradually declining, despite Senate Republicans promising to push the bill after members of Congress return to Capitol Hill next month. For the cryptocurrency industry, the Senate left Washington on Saturday without voting on the much-anticipated clear bill to begin the five-week August recess, which is certainly a major blow. The well-funded cryptocurrency industry has invested hundreds of millions of dollars in lobbying to push for the bill to pass, believing that the bill will lay a solid legal foundation for crypto businesses. However, Democrats, some Republicans, and other critics believe that the bill's protection against money laundering and moral standards is insufficient. The bill needs to pass the 60 vote threshold, but some key Democratic lawmakers continue to oppose it. In addition, the Senate has other agendas at an impasse. Republican Senate Majority Leader Thun pushed for a procedural vote on Saturday, and the process of sending the bill to the full Senate for review could be initiated in September as soon as possible. However, many analysts and lobbyists are skeptical about the bill's prospects because the November midterm elections will distract lawmakers, and the Senate session will also be shortened due to the election. With a busy agenda, there is little time left for lawmakers to resolve differences.

The US cryptocurrency industry originally hoped to push for landmark digital asset legislation, but the chances of achieving this goal are gradually declining, despite Senate Republicans promising to push the bill after members of Congress return to Capitol Hill next month. For the cryptocurrency industry, the Senate left Washington on Saturday without voting on the much-anticipated clear bill to begin the five-week August recess, which is certainly a major blow. The well-funded cryptocurrency industry has invested hundreds of millions of dollars in lobbying to push for the bill to pass, believing that the bill will lay a solid legal foundation for crypto businesses. However, Democrats, some Republicans, and other critics believe that the bill's protection against money laundering and moral standards is insufficient. The bill needs to pass the 60 vote threshold, but some key Democratic lawmakers continue to oppose it. In addition, the Senate has other agendas at an impasse. Republican Senate Majority Leader Thun pushed for a procedural vote on Saturday, and the process of sending the bill to the full Senate for review could be initiated in September as soon as possible. However, many analysts and lobbyists are skeptical about the bill's prospects because the November midterm elections will distract lawmakers, and the Senate session will also be shortened due to the election. With a busy agenda, there is little time left for lawmakers to resolve differences.