Morning Edition · Friday, July 24, 2026Published at 1:23 AM EDT · New York

Clarity Act Expected to Miss Its Window as Goldman Splits From Wall Street to Back It

Senate Majority Leader John Thune says the crypto market-structure bill will likely not pass before the August recess, even as Goldman Sachs chief David Solomon endorsed it and Senator Elizabeth Warren said it cannot pass.

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Clarity Act Expected to Miss Its Window as Goldman Splits From Wall Street to Back It

The Clarity Act, the bill meant to divide oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), will most likely miss its window before the Senate recesses, Majority Leader John Thune said. Thune said he still hopes to begin floor debate, but no vote is scheduled and the chamber needs 60 votes before its August break.

The positions do not follow party or industry lines. Goldman Sachs chief executive David Solomon endorsed the bill in a July 23 interview, calling it imperfect but necessary to create equal competitive conditions, a stance that breaks with much of the banking industry including JPMorgan over how the bill treats stablecoins.

On the other side, Senator Elizabeth Warren said the latest draft has no chance of passing, arguing it would benefit President Trump personally and create openings for what she described as criminals and cartels. Seven Senate Democrats issued a joint statement saying the revised text falls short on ethics, consumer protection and illicit-finance controls, after Republicans made a proposed ethics rule temporary.

Veracity: Corroborated

92/100

If true, who benefits: Offshore venues and large incumbents that can absorb legal ambiguity during delay, plus banks like Goldman positioning for stablecoin distribution against JPMorgan's opposition.
The nuance: Thune's timing prediction, Solomon's endorsement and Warren's opposition are all confirmed, but the claim that the bill benefits Trump personally is Warren's characterization, and the "criminals and cartels" language is her framing, not a neutral finding.

An open-source-intelligence read of how likely this story is true with its real nuance, not a judgment of any outlet. It assesses the claim, weighing independent and adversarial reporting. How we label confidence.

What this means

A delay keeps the United States market-structure regime in the enforcement-driven uncertainty that has governed it for years, which favors offshore venues and large incumbents able to absorb legal ambiguity over startups that need clear rules to raise capital. Goldman's break from JPMorgan signals that the split within finance is now about who captures stablecoin distribution, not whether crypto gets rules at all.

What to watch

Whether Thune actually opens floor debate before recess, which would preserve momentum for a fall vote rather than restarting the process.
Whether more large banks follow Goldman or line up with JPMorgan against the stablecoin provisions, which determines the bill's Senate math.

Observations to monitor, not financial advice.

3 sources

Synthesized from: CoinDesk · Bitcoin Magazine (Goldman) · Bitcoin Magazine (Warren)

Part of a tracked trend

Regulatory Perimeter for Crypto Hardens in EU and US

Over 3-6 months, enforcement deadlines and rulemaking debates narrow who can operate, with MiCA culling unlicensed EU firms and US regulators weighing durable rules over fragile exemptions.