The U.S. crypto industry’s push for landmark digital asset legislation has lost momentum after the Senate left Washington for its five-week August recess without voting on the Clarity Act, a bill designed to create a regulatory framework for digital assets. Senate Majority Leader John Thune, a Republican, filed for cloture on Saturday, setting up a September 15 vote to limit debate and move the measure toward the Senate floor, but analysts and lobbyists say the path is narrowing because the bill still faces opposition from key Democrats needed to reach 60 votes. The legislation would define the legal status of tokens, assign oversight to regulators and impose obligations on crypto companies. It would also bar government officials from running their own crypto businesses, a provision that has become a major flashpoint after President Donald Trump reported more than $1.4 billion in income from his family’s crypto ventures last year. Democrats want stronger language, including a role for state attorneys general (top state law enforcement officials) to enforce that ban, while Democrats and some Republicans are also seeking tougher anti-money laundering controls. Another unresolved fight centers on stablecoins (dollar-backed digital tokens) and whether exchanges can pay rewards on customer holdings, a provision banks say could pull deposits away from lenders. Supporters including Wyoming Republican Senator Cynthia Lummis and Digital Chamber chief executive Cody Carbone say the effort is still alive, but analysts warn the tight Senate calendar, upcoming November elections and the need for House approval could make passage increasingly difficult.