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Crypto

Goldman Sachs CEO publicly backs U.S. Clarity Act, diverging from banking industry

Goldman Sachs CEO David Solomon has formally voiced support for the U.S. Clarity Act, saying it can help create fair competition and promote market stability and development. The bill aims to clarify oversight between the SEC and CFTC and reshape digital asset regulation. Major banking and finance groups, including the American Bankers Association, warned stablecoin provisions could shift insured deposits to digital asset platforms and reduce community banks’ lending capacity. Opposition has also spread beyond banks.

Crypto

U.S. CFTC vacancies stall CLARITY bill, raising fears of crypto regulatory gap

Prolonged vacancies at the U.S. Commodity Futures Trading Commission are disrupting progress on the CLARITY bill, which would give the agency authority over digital commodity spot markets. The White House and Senate Democrats are blaming each other for delays in filling posts. With only one commissioner in place, concerns are growing over oversight capacity and legal durability of new rules. Lawmakers warn the U.S. could fall behind other countries on digital asset rules.

Crypto

U.S. CLARITY Act passage this year in doubt as bipartisan clash intensifies

A bipartisan clash is growing again over the U.S. Senate’s crypto market structure bill known as the CLARITY Act. Senator Cynthia Lummis rejected criticism from Senator Elizabeth Warren that the bill would create anti-money laundering loopholes, saying it includes more than 16 safeguards to block illicit flows. Warren said hostile foreign actors move billions through crypto networks and warned the bill could worsen the problem. Banks and other groups have also raised concerns over exemptions and competition issues.