The US Senate is set to vote on Tuesday on whether to advance once-in-a-generation cryptocurrency legislation, potentially determining the fate of the bill as Republican Senate leaders grapple with a limited calendar in a busy election year.

The bill, dubbed the Clarity Act, would create a regulatory framework for digital assets, which crypto companies say would put them on more solid legal footing. The deep-pocketed industry has spent hundreds of millions of dollars campaigning to advance the bill.

But it remained unclear if the legislation could garner the 60 votes it needs to advance, even after Senate Republicans on Sunday released a new text in an effort to address concerns from the banking industry and some Democrats. The Senate is…