The Senate’s September 15 cloture vote on the Clarity Act will determine whether the most significant U.S. crypto market‑structure bill in years advances — or collapses. And as lawmakers negotiate final compromises, a 2021 procedural standoff hangs over the effort, reminding the industry how quickly momentum can evaporate on the Senate floor.

Five years ago this month, crypto became a visible policy issue in Washington. This was at the beginning of the Biden administration when Congress advanced an infrastructure bill.

A Bipartisan Attempt To Clarify Crypto Reporting

In August 2021, a group of bipartisan U.S. senators — Cynthia Lummis, R-Wyo.; Mark Warner, D-Va.; Pat Toomey, R-Pa.; Kyrsten Sinema, D-Ariz.; Rob Portman, R-Ohio — negotiated an amendment to the legislation.

The crypto broker language focused on IRS transaction reporting rules and sought to exempt miners and wallet makers from requirements to collect and store sensitive private information.

The young crypto industry came together and trade groups collaborated. The measure even received support from Biden’s Treasury........

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