Reporter’s Notebook: Countdown is on as Senate races to pass crypto, college sports bills

It’s a twofer in the Senate.

Senators return to Washington Monday for the first time since the wee hours of Aug. 8. The Senate’s slated to meet for three weeks before heading home for the midterms – if the session even goes that long.

There are a lot of items senators want to tackle. But only two big ones are lined up for test votes right now.

The first legislative vote is locked in. It’s a procedural vote on a measure to regulate cryptocurrency. That comes Tuesday afternoon. The bill needs 60 votes to be in play.

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There’s no bigger advocate for cryptocurrency than President Trump. He’s pushing for the Senate to move legislation.

“We ended the war on crypto once and for all,” said the President. “Now we need Congress to take the next step by passing the Clarity Act.”

Let’s clarify what the Clarity Act does. The measure clarifies federal rules for digital currencies and tokens. The framework would divide oversight between two regulators: The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CTFC). Approval of the bill would be the first step toward establishing guardrails for cryptocurrency.

“We passed the Clarity Act in the House last summer with 78 Democratic votes. It’s now time for the Senate to join us,” said House Financial Services Committee Chairman French Hill, R-Ark., on Fox Business.

The package has bipartisan support. But there’s a roadblock coming from the Democrats.

“The one remaining significant issue, I think, is the ethics provision,” said Hill.

President Trump’s own financial disclosure report reveals he earned $1.4 billion on cryptocurrency last year alone. That’s why Democrats want specific rules for the Trump family and crypto.

“It basically exempts the President from any kind of ethical constraints. And that’s just not going to fly in the Democratic caucus,” said Sen. Adam Schiff, D-Calif.

Sen. Elizabeth Warren, D-Mass., says the bill is too closely aligned with what the President and his industry allies want.

“Yes. We need crypto legislation. But not this legislation that has been written by this industry,” said Warren. “I just don’t see how anyone, Democrat or Republican, moves forward on this bill.”

That’s why many doubt the measure can score 60 votes twice to break a filibuster. The naysaying aggravates cryptocurrency advocates.

“This is the right bill at the right time and it’s time to vote,” said Sen. Cynthia Lummis, R-Wy.

She argues that crypto supporters bowed to demands to firm up ethics rules.

“In 2023, we added 100 pages with stronger consumer protection provisions. Yet we got feedback from colleagues that they wanted more. So again, we listened. Today, this bill that was under 300 pages is more than 600 pages. That’s hundreds of pages built over 11 months of daily bipartisan negotiations in windowless rooms where colleagues from both parties shared their priorities and we worked diligently to incorporate them,” said an exasperated Lummis.

Warren argues that the bill makes it easier for drug runners and terrorists to fund their operations – without a literal paper trail.

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Lummis says if the U.S. doesn’t establish its cryptocurrency blueprint, digital assets could flee overseas.

“These companies can go to Singapore, Switzerland, the UAE and have a well understood clear set of regulations,” said Lummis.

So that test vote is locked in. But it’s rare to pass a major financial regulatory measure this close to the midterms. And if Democrats prevail in November, that could create friction with the White House.

The Senate also expects a test vote before the end of the September on a bill to regulate money in college sports. But there’s no specific agreement on a date for that roll call tally.

You know the old saying that there’s no such thing as bad publicity? Well, the “bad” publicity surrounding college football could potentially provide this legislation a boost.

President Trump implored senators to stay in Washington to finish the bill last month. But it wasn’t ready. However, controversies over former pro players heading back to college – to say nothing of clock maintenance at the University of Michigan – could prod skeptical senators to give this measure another look.

Let’s start with LSU tight end Dae’Quan Wright. If you can keep up with him.

Last year, Wright played for current LSU head coach Lane Kiffin last year at Ole Miss – before Kiffin abandoned his squad late in the season for the Tigers. Wright decided to go pro. The Philadelphia Eagles picked him in up in the spring. But then waved Wright early last month. The Cleveland Browns then signed Wright. He dressed for a preseason game against the Buffalo Bills. Never played a snap. Then the Browns cut him.

So, Wright headed back to school. But this time, at LSU.

“I’m just putting on a college uniform again and going out there and having fun and embracing my opportunity,” said Wright.

A judge then cleared Wright and former Ole Miss defensive lineman Zxavian Harris to play for LSU this fall. But in between, Harris appeared in preseason camp with the New Orleans Saints – before the team waived him.

Drew Rosenhaus is Wright’s agent. He believes his client had no other option after his brief cup of coffee in the pros.

“His contract with the NFL was terminated,” said Rosenhaus. “If he was still able to play in the NFL, he would be there.”

Chaos like this is prodding lawmakers to try to regulate intercollegiate athletics.

“It’s not fair to the high school kids coming out to play college ball if you suddenly have colleges that are going and recruiting from the NFL,” said Senate Commerce Committee Chairman Ted Cruz, R-Texas.

Cruz teamed up with Sen. Maria Cantwell, D-Wash., the top Democrat on the Commerce panel, to craft the college athletics regulation measure.

One big restriction: the legislation limits athletes to one transfer.

“The transfer portal is out of control. You have athletes transferring two, three, four times. You have essentially no eligibility rules. So you have athletes competing six, seven, eight years. You have 28-year-olds competing against 17-year-old kids,” said Cruz.

The constant darting around from school to school worries the Trump Administration, too.

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“It’s a crazy system, man,” said Vice President JD Vance to colleague Lucas Tomlinson. “When I was growing up…you would get some loyalty, between the athletes and the fan bases. You would know the names of the people who played for your team because they were there for three or four years.”

The Cruz/Cantwell package also caps money schools can use for name, image and likeness, or NIL. And, considering the recent contretemps, the legislation bars athletes from going pro. Then reversing field to college.

The White House tapped legendary former Alabama football coach Nick Saban to push for passage of the bill.

“Join the winning team today and help Congress protect this American tradition,” says Saban in the commercial now airing around the country.

But even if the bill gets through the Senate, it faces an unclear path in the House. The House returns to session Monday, too. But it’s unclear how long its Members will stick around with the midterms looming.

“I’ve had coach Saban in my office and we’ve talked about this and he’s right,” said House Speaker Mike Johnson, R-La. “I think Congress is ready to act. But it takes take both chambers.”

In other words, just like there’s a play clock in football, there’s a play clock in Congress, too.

“I appreciate the exuberance of our Senate colleagues,” said House Democratic Caucus Chairman Pete Aguilar, D-Calif. “But I don’t know if there’s enough days to to get this done.”

Time may be the enemy of both the cryptocurrency bill and the college athletics bill. Lawmakers return to Capitol Hill with one foot practically out the door, headed back toward the airport.

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It’s a Senate twofer. But if things don’t sail smoothly on either or both bills, there may be little reason to anchor lawmakers to Washington. And if lawmakers don’t address these bills now, potential legislative fixes may evaporate until the new Congress begins in January.