The Senate punted a vote on cryptocurrency legislation until after its five-week summer recess, increasing the odds that Congress will fail to regulate a growing market impacting the U.S. economy.

The bill, known as the CLARITY Act, is backed by many crypto interests, and was approved in a bipartisan vote by the House more than a year ago. The legislation would establish a framework for regulating cryptocurrencies, making it easier for digital assets to integrate with the existing U.S. financial system.

Sen. Thom Tillis (R-North Carolina), one of the key negotiators on the legislation, told reporters on Friday that the bill’s prospects “probably dropped 50%,” after it was…