WASHINGTON — The Senate is set to vote Tuesday on whether to advance a sweeping cryptocurrency bill that would divide federal oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Digital Asset Market Clarity Act, which runs more than 600 pages, has become a top priority for the crypto industry. Supporters say the bill would replace an unstable system in which enforcement and regulatory policy can shift sharply with each presidential administration. Ryan VanGrack, vice chair of Coinbase, said millions of Americans are investing in digital assets without clear regulatory protections. “Whether you love crypto or you hate crypto, you should want it regulated,” he said, calling the legislation the industry’s strongest opportunity to establish rules. The bill would give the smaller CFTC a larger role than the SEC in overseeing the sector. Critics argue that arrangement could steer much of the industry toward a regulator with fewer resources and less experience handling complex securities markets, reducing scrutiny of crypto companies. Tuesday’s vote is procedural but decisive. The measure needs 60 votes to move forward, requiring support from all 53 Senate Republicans and at least seven Democrats or independent senators. If it clears that threshold, senators could debate the legislation and later vote on final passage. The House approved an earlier version last year. Because the Senate has changed the bill, however, passage there would not send it directly to President Donald Trump. The House and Senate would still need to agree on identical language, potentially delaying action as Congress approaches the midterm elections in November. Democratic senators have focused much of their opposition on an ethics provision intended to prevent elected officials and their families from profiting from crypto ventures while in office. They object to assigning enforcement to the Justice Department, which is led by Todd Blanche, a former attorney for Trump. Those concerns have grown since Trump disclosed that he and his family earned $1.4 billion from crypto businesses the previous year. Trump has also promoted the industry publicly and launched the $TRUMP meme coin. Republicans have proposed revised ethics language that would bar federally elected officials and their spouses from issuing their own cryptocurrencies. The changes would also require officials to sell significant crypto holdings and give state attorneys general more authority to sue over alleged violations. Critics say the requirements remain too vague to prevent a president from retaining substantial interests in the industry. The legislation is also drawing opposition from banks, particularly community banks. A major dispute involves stablecoins, crypto-linked digital tokens designed to maintain a fixed value. The bill would allow crypto firms to offer customers financial incentives, including interest payments, for holding money with them. Bankers say those incentives could let crypto companies compete for deposits without facing the same rules as traditional banks. Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America, said local deposits help community banks finance small businesses, farms and ranches. “If community banks aren’t there, and those local deposits aren’t there to fund it, who’s going to fund those small businesses and ranchers and farmers?” she said. Crypto companies counter that the incentives resemble rewards offered by credit card companies, such as cash-back programs and points. The industry has spent tens of millions of dollars on political activity as it presses lawmakers to approve the bill, but that spending has not resolved disagreements over oversight, consumer protections and conflicts of interest. The Senate’s consideration comes after Congress enacted the GENIUS Act in July, the first major standalone federal cryptocurrency law. The Clarity Act would address a broader range of digital assets and determine which federal agency regulates them, making its passage a potentially consequential step for investors, banks and crypto firms alike.