Several large Wall Street institutions have recently publicly supported the U.S. crypto market structure bill.Clarity ActThis bill aims to reshape the regulatory framework for digital assets and redefine the regulatory responsibilities between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.
Multiple institutions have expressed their views.
In the past few days, Blackstone, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have all called on Congress to push for the passage of the bill. They generally believe that clear rules will help protect investors and make it clearer for companies which type of regulation they should accept.
Franklin Templeton stated that the bill will more clearly define how crypto assets are regulated, allowing investors to understand the applicable protections and enabling businesses to identify the appropriate regulatory bodies. Fidelity, on the other hand, said that the market needs clearer operating rules to enhance investor confidence and solidify the United States' position in the digital asset market.
Samara Cohen, head of global markets development at Blackstone, also stated that the bill is an important step in establishing a regulatory framework for digital assets, with a focus on prioritizing investor protection.
Banks and the crypto industry still have disagreements.
While support is growing, there is no complete consensus on Wall Street. Reports indicate that JPMorgan Chase has significant disagreements with Coinbase and the broader crypto industry on certain terms, one of the focal points being restrictions related to stablecoin yields.
The banking sector believes that certain provisions could give stablecoin issuers an asymmetric advantage over traditional deposit businesses, and therefore supports amendments to the bill. Coinbase and other crypto companies, however, argue that such adjustments would weaken the bill's effectiveness and slow the development of the US digital asset market.
Goldman Sachs CEO David Solomon stated that while the Clarity Act is not perfect, it still helps create a leveler competitive environment, improve market stability, and allow related markets to develop under a clearer structure. SoFi CEO Anthony Noto also publicly supported the bill's advancement, stating that clear digital asset rules are crucial to America's global competitiveness.
The Senate is under time pressure
The bill is currently in a crucial phase of Senate negotiations. The latest version integrates the House and Senate proposals and, for the first time, includes ethical restrictions on senior government officials involved in crypto-related businesses.
This is also one of the main points of contention in the current negotiations, with lawmakers still debating whether its strength is sufficient to address concerns about Trump's interests in crypto-related businesses. However, the Senate may not immediately consider the bill in the near future.
Majority Leader John Thune has recently shifted the focus of his agenda to judicial appointments and sanctions against Russia, while the Clarity Act is still awaiting formal scheduling. With the Senate set to begin its summer recess on August 8, time is running out for legislation.
