The U.S. Senate is bracing for blowback as hopes for the August passage of its crypto market structure legislation appear deader than a doornail.

If you’re holding your breath in anticipation of the Senate holding a floor vote on its digital asset market structure bill (the CLARITY Act) by August 7—the final sitting day before the Senate’s month-long summer holiday—it seems you can safely exhale now.

In an appearance this week on Fox News, Senate Majority Leader John…