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.