Goldman Sachs CEO David Solomon endorsed the CLARITY Act on July 23 despite opposition from other major banks. Senate leadership indicated the bill is unlikely to pass before the summer recess. White House officials pushed back on that assessment.
Solomon told Politico that the legislation would create a level playing field for digital assets even if it is not perfect. His support stands in contrast to JPMorgan CEO Jamie Dimon, who has criticized provisions allowing yield-bearing stablecoins.
Senate Majority Leader John Thune said the bill would likely miss its window before lawmakers leave for summer break. He added that he would like to at least start the floor process beforehand.
White House crypto adviser Patrick Witt told CoinDesk he remains slightly more optimistic and sees potential for action in the first week of August. Updated bill text released July 22 includes new ethics restrictions on federal officials holding or issuing crypto.
