According to Woofun AI, Goldman Sachs (GS.US) Chairman and CEO David Solomon has publicly voiced support for the Digital Asset Market Clarity Act (CLARITY Act), a move that is exceptionally rare among leaders of traditional financial institutions. Solomon acknowledged that the bill is not perfect but emphasized that its core aim is to create a level playing field and enhance market stability, seeking to establish a regulatory framework for the crypto industry. This endorsement from a Wall Street giant stands in stark contrast to the majority of opposition within the industry, highlighting deep divisions among traditional financial institutions regarding the choice of regulatory path.
Republican senators in the U.S. released the bill's text on Wednesday, with included ethics provisions becoming a focal point of political maneuvering. These provisions have sparked strong concerns from Democrats due to President Donald Trump's investments in the cryptocurrency sector. As of Thursday, Senate leadership has not yet scheduled a specific vote time.
According to Woofun AI, the key variable in the current legislative process is the acceptance of the ethics clause, which directly affects the feasibility of cross-party cooperation, causing the originally anticipated rapid progress to stall.
JPMorgan (JPM.US) Chairman Jamie Dimon expressed a sharply contrasting view in a May interview. He criticized the bill for allowing crypto companies to pay interest or yields on stablecoins without granting them the same level of protection as traditional financial institutions. Dimon clearly stated that this double standard is something the banking system would never accept, arguing that it undermines the fairness of the financial system. This position represents the traditional banking sector's wariness of decentralized finance expansion, and the fundamental disagreement between the two sides on the logic of stablecoin regulation constitutes the main resistance to the bill's progress.
Although the bill is expected to face a vote soon, Republicans need to secure support from some Democrats to reach the 60-vote threshold for passage. Massachusetts Senator Elizabeth Warren harshly criticized the bill, stating that it shifts enforcement responsibilities to the U.S. Department of Justice rather than state authorities, and even protects the President's profit-making interests in the cryptocurrency sector, hindering accountability for Trump. Warren argued that the bill fails to adequately protect investors, the financial system, or national security, and should never have been considered for passage in the first place. This signals another sign of legislative gridlock, following previous setbacks for several crypto regulatory proposals.
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