Goldman Sachs CEO David Solomon this week publicly urged lawmakers to pass the CLARITY Act, a bill that would give the Commodity Futures Trading Commission more authority over digital asset spot markets. His push comes as senators circulate a revised version of a broader crypto market structure bill, but disputes over stablecoin rewards, regulatory jurisdiction, and ethics restrictions are threatening to derail a floor vote.
The CLARITY Act push
Speaking at a financial conference in Washington, Solomon said the current patchwork of state-by-state regulation is untenable for large institutions. He argued the CLARITY Act would provide a single federal framework, reducing compliance costs and attracting more mainstream capital. The bill has bipartisan sponsors but has languished in committee for months.
Stablecoin rewards and regulatory turf
The revised Senate bill, which lawmakers have been quietly circulating this month, includes provisions that would let stablecoin issuers offer interest-like rewards to holders — a practice the SEC has previously signaled it views as a securities offering. That language has drawn pushback from the SEC, which argues it would undermine investor protections. Meanwhile, the Federal Reserve is also weighing in, concerned that rewards could blur the line between stablecoins and bank deposits.
Ethics restrictions a sticking point
Another flashpoint is a proposed ethics rule that would bar lawmakers and senior executive-branch officials from trading or holding certain digital assets. Some senators say the restriction is too broad and would discourage public servants from participating in the economy. Others insist it's necessary to prevent conflicts of interest. The disagreement has delayed markup sessions twice this month.
What happens next
Senate Banking Committee Chair Tim Scott has scheduled a closed-door meeting for next Tuesday to try to resolve the remaining disputes. If a compromise can be reached, the bill could move to a floor vote before the August recess. But with the stablecoin rewards and ethics issues still unresolved, the timeline remains uncertain.
