David Solomon, CEO of banking big Goldman Sachs, has weighed in on the pending digital asset market construction laws, motion on which was just lately postponed by the US Senate Banking Committee.
In a Thursday earnings name discussing the corporate’s fourth quarter outcomes for 2025, Solomon mentioned many individuals at Goldman Sachs had been “extraordinarily centered” on points together with the Digital Asset Market Readability (CLARITY) Act within the US Congress resulting from its potential impression on tokenization and stablecoins.
A markup of the invoice scheduled for Thursday was postponed after Coinbase mentioned it could not help the laws as written. In a markup session, a congressional committee debates a invoice and proposes amendments whereas contemplating whether or not it ought to advance to the total chamber for a vote.
“That invoice, based mostly on the information over the past 24 hours, has an extended option to go earlier than that invoice is gonna progress,” mentioned Solomon. “However I do suppose these improvements are vital.”
The CEO’s remarks come amid stress from many banks, cryptocurrency exchanges and firms concerned in decentralized finance pushing for amendments within the CLARITY Act to go well with their pursuits and people of their customers. Among the many points over which they’ve voiced considerations embrace how the US Securities and Alternate Fee (SEC) will deal with tokenized equities and stablecoin rewards.
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Solomon additionally signaled that Goldman Sachs was contemplating enterprise alternatives for prediction markets, saying that he met with representatives within the earlier two weeks. Polymarket and Kalshi are fashionable prediction markets amongst crypto customers.
Banks concentrating on stablecoin rewards in GENIUS Act, and now CLARITY?
Different business leaders are anticipating that it could possibly be weeks or months earlier than the Banking Committee schedules one other markup. Congress additionally must cross one other funding invoice earlier than the top of January to keep away from a authorities shutdown after the longest one within the nation’s historical past delayed consideration of the CLARITY Act in 2025.
Some curiosity teams representing banks have lobbied for the invoice to ban interest-bearing stablecoins. The newest draft within the Banking Committee, earlier than the markup was postponed, steered that lawmakers had been seeking to ban passive returns on stablecoin balances, however not utterly rule out rewards on the digital belongings.
As of Thursday, no markup appeared on the Banking Committee’s calendar. Nevertheless, the Senate Agriculture Committee is scheduled to carry a markup on its model of the market construction invoice on Jan. 27.
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