TLDR
- David Solomon says CLARITY Act still needs work after delayed Senate markup.
- Coinbase withdrew support for the bill, stalling its progress in Congress.
- Banks are pushing to revise rules on stablecoin rewards and tokenized assets.
- Senate Agriculture Committee plans a markup on its version on January 27.
Goldman Sachs CEO David Solomon addressed the delayed progress of the Digital Asset Market Clarity (CLARITY) Act during a recent earnings call. The bill was expected to move forward but has faced delays due to disagreements over its current form.
Solomon noted, “That bill, based on the news over the last 24 hours, has a long way to go before that bill is gonna progress.” He stated that the bank remains “extremely focused” on the bill’s developments because of its potential to affect tokenization and stablecoins, two growing areas in digital finance.
Coinbase Withdrawal Stalls Markup Process
The U.S. Senate Banking Committee postponed a planned markup session of the CLARITY Act after Coinbase retracted its support. A markup session is when committee members debate, amend, and decide whether to send a bill to the full Senate.
Coinbase’s decision reflects concerns over parts of the bill that remain unclear or unfavorable to crypto industry participants. As a result, there are now additional delays in moving the legislation forward, and it is uncertain when the committee will reschedule the session.
Industry Groups Push for Amendments
Banks, crypto exchanges, and other firms have raised concerns about how the bill addresses tokenized equities and stablecoin rewards. These groups are lobbying for changes that would allow digital assets to be used more freely while ensuring clear rules from the U.S. Securities and Exchange Commission (SEC).
The latest draft reportedly included provisions to limit passive income from stablecoins. Some banks are advocating for the complete prohibition of interest-bearing stablecoins. However, the current language of the bill suggests that while interest may be restricted, other forms of rewards could still be allowed.
Separate Senate Committee Moves Forward
While the Senate Banking Committee has not yet announced a new date for its markup, the Senate Agriculture Committee is moving ahead with its own version of a digital asset market structure bill. That committee is scheduled to hold a markup session on January 27.
The CLARITY Act is one of several bills aiming to create a regulatory framework for digital assets in the United States. However, its delay and the disagreement among key stakeholders suggest that a unified approach may still take time to develop.
Solomon also mentioned that Goldman Sachs is exploring opportunities in prediction markets, adding that he had met with firms like Polymarket and Kalshi in recent weeks.
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