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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

BitMEX to wind down operations after 11 years; Zhao says \'sad\'

Cryptocurrency exchange BitMEX will cease operations on Sept. 23 local time. Operator HDR Global Trading decided to permanently close the exchange after reviewing its business strategy and broader crypto market conditions. New sign-ups have been halted, and limits on new positions will begin on Aug. 26. Unclosed positions will be liquidated at shutdown. BitMEX said it is not responsible for losses from failure to close positions by deadlines.

Crypto

Seven U.S. Democratic senators oppose release of current CLARITY bill draft, call for fixes to key provisions

A U.S. Senate crypto market structure bill known as the CLARITY bill faces public opposition from seven Democratic senators, clouding prospects for passage this year. The senators said the current draft fails to adequately address key issues including ethics rules for elected officials, consumer protection, illicit finance prevention, conflicts of interest and market integrity. Republicans released a revised draft the same day, while party leaders said they plan to proceed with a vote soon.