Goldman: US CLARITY Act Delays Threaten Tokenization and Stablecoin Rollouts
Goldman Sachs CEO David Solomon said the U.S. CLARITY Act faces significant delays after the Senate Banking Committee postponed a planned markup following Coinbase’s withdrawal of support. The bill — intended to clarify market structure, stablecoin rules and jurisdictional boundaries for digital assets — now looks unlikely to progress quickly, with some analysts predicting it may not reach a committee vote until late 2025. The setback is prompting institutions to delay large-scale tokenization, custody and regulated stablecoin initiatives and encouraging some firms to pursue more crypto-friendly jurisdictions (EU’s MiCA, Singapore, Hong Kong, UK). Lobbying from banks, exchanges and DeFi firms aims to amend key provisions (especially treatment of tokenized equities and passive, interest-bearing stablecoin rewards), leaving the bill’s future uncertain. Congressional scheduling is further complicated by other committee markups and the need to pass funding bills to avoid a government shutdown. Traders should watch regulatory developments closely: any changes to tokenization or stablecoin rules could materially affect liquidity, on-chain yields, institutional product timelines and US competitiveness in crypto innovation.
Neutral
The delay of the CLARITY Act creates regulatory uncertainty rather than an immediate price-moving event for a specific cryptocurrency. For traders, this is neutral overall: short-term price action for major tokens (e.g., ETH, BTC) is unlikely to be directly driven by the legislative delay, though heightened policy risk can increase volatility and reduce institutional liquidity. In the short term, traders may see increased volatility around regulatory headlines and selective flows into jurisdictions with clearer rules. In the medium-to-long term, prolonged uncertainty can delay institutional products (tokenized equities, regulated stablecoins) that would materially increase on-chain liquidity and yields; that potential missed upside is bearish for assets tied to institutional adoption. Conversely, venture investment in crypto infrastructure remains strong and other jurisdictions are advancing frameworks, which offsets some downside. Net effect: neutral — immediate price impact is limited, but evolving regulation will be an important catalyst to monitor for future bullish or bearish shifts.