Goldman Sachs CEO Backs CLARITY Act Amid Wall Street Divide
The Digital Asset Market Clarity Act would establish a federal framework for U.S. crypto markets, giving the Commodity Futures Trading Commission a central role over digital commodities while preserving parts of the Securities and Exchange Commission’s authority. The House passed H.R. 3633 by 294-134 on July 17, 2025. Supporters say the legislation would replace years of regulatory uncertainty with clearer rules for issuers, trading platforms and investors, while its treatment of stablecoin rewards has become a major fault line between crypto companies and traditional banks.
Goldman Sachs CEO David Solomon said on July 23, 2026 that the bill was “not perfect” but would create a level playing field, bolster market stability and move innovation forward. BlackRock, Fidelity, Franklin Templeton and SoFi also endorsed the measure in the following days. JPMorgan Chase and other banks remain concerned that crypto firms could offer yield-bearing stablecoin products resembling deposits without equivalent oversight. The Senate has yet to schedule immediate action, with its summer recess beginning August 8 and unresolved ethics provisions further narrowing the voting window.
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The history behind this eventSenate Advances CLARITY Act as Stablecoin, DeFi Talks Intensify
The CLARITY Act seeks to create the first comprehensive US market structure for digital assets, defining when tokens should be treated as securities or commodities and dividing oversight between the Securities and Exchange Commission and Commodity Futures Trading Commission. Its significance extends beyond jurisdictional lines: negotiations over stablecoins and decentralized finance could determine whether Congress can deliver durable rules for an industry still operating under fragmented enforcement and guidance.
The Senate majority leader has moved to initiate a procedural vote, positioning the bill for a possible full-chamber vote as early as mid-September. The White House has pledged to push CLARITY across the “finish line” in September, but resistance is mounting. Senator Ruben Gallego has urged colleagues not to rush the measure, Galaxy cut its estimated odds of passage to 10%, and the CFTC and SEC are exploring joint regulatory steps should Congress fail to act.
U.S. Banking Groups Seek Changes to CLARITY Act Stablecoin Yield Provisions
As the United States advances the Digital Asset Market Clarity Act, or CLARITY Act, to regulate stablecoins, the boundary between traditional finance and cryptocurrency is being redrawn. Banks fear that if the bill allows issuers to offer interest or yield indirectly, payment stablecoins would effectively become substitutes for deposits. That would threaten traditional banks' funding sources and could weaken the banking system's lending capacity, prompting strong resistance and calls for amendments from the traditional financial sector.
On July 13, 2026, the American Bankers Association, the Independent Community Bankers of America and other groups sent a joint letter to Senate leaders seeking revisions to ambiguous stablecoin yield language in Section 404 of the bill. The ICBA warned that failure to close the loophole could drain as much as $1.3 trillion in bank deposits and reduce lending capacity by $850 billion. The bill passed a Senate committee in May, with a hearing scheduled for July 17.
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