U.S. crypto legislation enters a critical week. U.S. Treasury Secretary Scott Branson calls on the Senate to continue advancing the CLARITY bill, stating that if the bill cannot move on to the next stage of review, the United States' dominant position in the digital assets field will be weakened.

Procedural voting will take place on September 15th.

The Senate is expected to hold the first procedural vote on this bill on September 15th. This vote will determine whether the bill can proceed to formal deliberation.

According to the current arrangements, this motion is expected to require 60 votes in support. The Republican Party currently holds 53 seats in the Senate, which means that for the bill to pass, they still need to secure at least 7 Democratic senators to switch their support.

The Ministry of Finance states that it is related to competitiveness and security.

Bessent stated that he had already called on the Senate to advance this bill as early as July. According to him, the CLARITY bill aims to establish clearer regulatory rules for digital assets, while also enhancing the government's ability to combat related abuses.

He also linked the bill to national security and international competitiveness, stating that if the United States fails to advance relevant legislation, it will send a negative signal to allies and rivals, indicating that the U.S. is unwilling to maintain a leading position in the future development of digital assets and has also given up more tools to address abuses.

The differences between the two parties have not yet been resolved.

This bill is currently facing its most critical test to date. Although crypto policy advocate Dan Spleeter believes that ultimately there may be more bipartisan support from Democratic senators than expected, some Republican senators have recently shown a clear tendency to be more cautious in their statements.

North Carolina Republican Senator Tom Tillis warned that without further compromises, the bill may not pass. The Democratic side, on the other hand, is demanding the addition of stricter ethical provisions, with a focus on regulating crypto businesses associated with senior government officials.

The industry intensifies its lobbying efforts.

With less than a week to go until the vote, the crypto industry is intensifying its lobbying efforts with members of Congress. Senator Cynthia Lummis, who has long supported the crypto industry, has also publicly stated that if this market structure bill is not passed, the United States may cede its financial leadership to China.

Currently, the results of the procedural votes in the Senate will first determine whether the bill can proceed further, while whether the two parties can narrow their differences on issues such as ethical provisions will become the focus of subsequent deliberations.