The industry behind the bill is split — JPMorgan and Coinbase are at odds over limits on the yield stablecoins can pay. With the Senate's summer recess set to begin August 8, the bill still has no floor time.
BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have each pressed Congress in recent days to enact the Digital Asset Market Clarity Act, a bill that would build a new regulatory regime for the US crypto sector and dramatically alter the way the SEC and the CFTC supervise it.
All five make the same case: well-defined rules would safeguard investors, hand businesses certainty about what regulators expect of them, and keep the United States competitive as digital assets move further into the mainstream. Goldman Sachs chief executive David Solomon added a caveat — the bill falls short of perfect, he said, but he strongly favors advancing it so that some market structure gets put in place.
The run of endorsements has also laid bare a split on Wall Street. JPMorgan Chase is behind the amendments the banking industry wants and has been at odds with Coinbase over stricter limits on the yield stablecoins can pay, contending that some provisions could give stablecoin issuers an unfair edge over conventional deposits. Coinbase and other crypto companies reject that, responding that the banks' amendments would water down the bill and put the brakes on innovation in the US digital asset market.
In the Senate, negotiators recently released a revised text that fuses the House and Senate approaches to how crypto markets should be structured and, for the first time, lays out a possible design for ethics limits applying to high-ranking government officials with crypto ties. Those limits are among the thorniest obstacles in the talks, with legislators still arguing over whether the plan goes far enough to answer worries about President Donald Trump's business interests in crypto.
Even with the revised text in hand, the bill has no floor slot. Majority Leader John Thune has turned the chamber's attention toward judicial nominations and a sanctions measure aimed at Russia, and with the summer break set to start August 8, only a few legislative days are left in which the Clarity Act can be advanced before senators leave.