CLARITY Act Negotiations Stall on Ethics Rules
The CLARITY Act, a comprehensive U.S. crypto market structure bill in Congress, is advancing toward a vote despite mounting obstacles. Goldman Sachs CEO David Solomon announced support for the legislation, stating he backs the bill even as he acknowledged it is "not perfect." Solomon's endorsement breaks with other major financial institutions and banks that have expressed hesitation over the bill's stablecoin provisions.
The primary impediment to passage is not substantive crypto policy but procedural: disputes over ethics rules and enforcement authority. Both parties have stated they want U.S. crypto market structure legislation to pass, but disagreement over who enforces ethics standards has become the bill's largest obstacle. The stablecoin yield provisions have also drawn criticism from the broader financial industry, despite Goldman's support for the overall framework.
