Goldman Sachs CEO David Solomon has expressed reservations about the progress of the Digital Asset Market Clarity Act of 2026, also known as the "Clarity Act". While acknowledging the bill's importance in establishing a clear regulatory framework for digital assets in the United States, Solomon stated that it "has a long way to go".
The Clarity Act aims to create a comprehensive structure for the U.S. crypto market by dividing oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). A key aspect of the bill is classifying most tokens as digital commodities rather than securities. It also seeks to establish a CFTC framework for digital commodity exchanges, exempt crypto platforms from registering as national securities exchanges, and subject decentralized protocols to anti-fraud rules. The Act is designed to encourage crypto activity within the U.S. and simplify the listing of tokens. The House passed the bill in July, and it is currently being drafted in the Senate.
Goldman Sachs is actively exploring asset tokenization and prediction markets as potential growth drivers. Solomon mentioned direct contact with leaders of major prediction-market platforms and conveying the firm's views on the Clarity Act in Washington. Goldman Sachs anticipates that institutional investors will begin adopting digital assets in earnest starting in 2025, provided a clear regulatory framework is in place. The firm is reportedly building out related infrastructure to prepare for this increased adoption.
Despite progress, the Clarity Act faces hurdles, including debates over defining digital commodities versus securities and the treatment of decentralized finance. A significant sticking point is the push by banking representatives to restrict crypto platforms from offering rewards on stablecoin balances. While the GENIUS Act prohibited stablecoin issuers from directly paying yield, crypto platforms and affiliates could still share rewards with users.
The Senate Banking Committee is responsible for the securities-law portion of the bill, while the Agriculture Committee is working on the commodities-law portion. Both committees published drafts in the fall. The delay in the Clarity Act markup presents an opportunity to refine the final draft. It is unclear when US lawmakers will address the market structure bill again.
Goldman Sachs is dedicating a large internal team to study cryptocurrency-related technologies and prediction markets, signaling the seriousness with which Wall Street institutions are evaluating the digital market structure's next phase. Solomon noted that the firm is spending considerable time and senior-level attention on tokenization, stablecoins, and prediction markets as regulators and market participants discuss how these products fit into existing financial frameworks. The bank is also evaluating stablecoins and potential collaborations in prediction markets and is interested in regulated derivatives-style products.
Analysts project a $16 trillion tokenized asset market by 2030, with regulatory progress determining the adoption speed. Goldman Sachs anticipates institutional adoption of tokenized assets and prediction markets will begin in 2025, contingent on clear regulatory frameworks and mature infrastructure.
