John Thune

Senate Majority Leader John Thune is planning a vote on President Donald Trump’s landmark crypto market structure legislation as soon as next week, with the outcome expected to determine where the industry deploys its massive political warchest ahead of November’s midterm elections.

The latest Republican draft of the legislation is expected to be released later Wednesday, according to people familiar with the matter. Nearly a year of bipartisan talks have so far failed to reach a final deal, with Senate Republicans needing at least seven Democrats to overcome procedural hurdles to ultimately pass the measure.

Thune said he expected ...