The Senate is poised to go on recess as early as Friday without taking up a landmark bill to regulate cryptocurrency, blowing past a self-imposed deadline that proponents long said would be crucial to meet for it to pass.

Senate Majority Leader John Thune (R-S.D.) confirmed late Thursday that the chamber wouldn’t hold an initial procedural vote on the Clarity Act (H.R. 3633) that he had planned due to opposition from Democrats.

Instead, Thune said, the Senate will plan to take up the issue when they reconvene in September. “We’re getting that queued up first thing,” he told …