The bill itself is designed to end a decade-long jurisdictional fight between the SEC and CFTC by classifying digital assets into clear regulatory categories. The House passed H.R. 3633 by a 294–134 bipartisan vote on July 17, 2025, and the Senate Banking Committee advanced it 15–9 on May 14, 2026. Yet it has sat on the Senate calendar since June 1 with no floor vote scheduled.
Senate Majority Leader John Thune has pledged a vote before the August recess, which begins around August 7. The week of July 20 is the most likely window. But the bill needs 60 votes, and as of July 17, not a single Senate Democrat had publicly backed the updated text released that day. The bipartisan coalition that carried the committee vote has frayed: Senator Ruben Gallego, one of two Democrats who voted yes in committee, now calls the GOP’s ethics language “very weak.”
The sticking point is a provision that would bar senior government officials—including the president, vice president, and members of Congress—from maintaining personal crypto business interests while in office. Trump’s meeting with Republican senators Bernie Moreno, Cynthia Lummis, Thom Tillis, and Bill Hagerty on July 16 was aimed at breaking the impasse. White House crypto advisor Patrick Witt and Solana Policy Institute President Kristin Smith also attended. Democratic senators were not in the room.