Goldman Sachs CEO Says CLARITY Act Has “Long Way To Go”

Coinbase Support Withdrawal

This delay follows Coinbase’s public withdrawal of support. The company said the bill’s latest draft would be worse than the status quo. As a result, the Senate Banking Committee postponed Thursday’s markup, a session where lawmakers debate amendments before advancing the bill to a full vote.

Meanwhile, many in the crypto and DeFi space are seizing this pause as an opportunity. They’re urging lawmakers to revise the bill’s handling of decentralized finance, developer protections, and stablecoin rules.

Alexander Grieve of Paradigm called protecting DeFi developers the top priority. Jake Chervinsky, legal head at Variant, echoed the concern. He warned that the current draft leaves “ambiguity” about whether DeFi developers might need to implement Know Your Customer (KYC) measures or register with the SEC.

DeFi Developers Want Clarity, Not Restrictions

While banks are lobbying for a ban on interest-bearing stablecoins, crypto advocates are focused elsewhere. Their main concern is overreaching regulation on DeFi infrastructure. Critics argue that unclear definitions in the bill could drive innovation out of the U.S.

Cody Carbone of The Digital Chamber remains hopeful. He believes there’s still time to refine the language and reach a compromise before the next markup. “I do feel confident that over the next two weeks… we can get to a good place with DeFi,” he said.

Law professor Todd Phillips reinforced the point, saying developers care more about building strong crypto markets than about yield mechanics. To them, preserving permissionless innovation is more important than how returns are distributed between banks and stablecoins.

Despite mounting pressure, the Senate Banking Committee has not set a new date for the markup. At the same time, lawmakers are also juggling a deadline to pass a government funding bill by month’s end. This adds more uncertainty to the already fragile path forward for CLARITY.

What To Watch For Next

The postponed markup of the CLARITY Act creates a critical window for stakeholders to push revisions. Over the next few weeks, expect intense lobbying from both crypto industry groups and traditional financial institutions.

Key points of friction like DeFi developer protections, stablecoin reward restrictions, and the SEC’s expanding role will likely shape the bill’s next draft. Additionally, keep an eye on whether the Senate schedules a new markup date before the end of January, as Congress also faces pressure to pass a broader funding bill to avoid a government shutdown.

Any movement here could signal how the regulatory tide is turning for crypto in 2026.