John Thune did not file cloture on the Clarity Act on Wednesday, extending the window for bipartisan negotiators to salvage a Senate path for the crypto market structure bill.
Three sources said Republican and Democratic staff spent the past 24 hours in a flurry of policy meetings, trying to resolve the remaining disputes before the August recess.
If negotiators can reach something close to consensus and cloture is filed Thursday, the Senate could move to a floor vote sometime this weekend.
The delay underscores how little time remains for a landmark crypto bill that is now in a frantic final stretch rather than on a settled glide path.