Senate Majority Leader John Thune pushes for a floor vote before the August recess. Polymarket odds for passage fell from 46% to 32.5%. The banking lobby pushed back against stablecoin rewards.
The CLARITY Act was designed to settle the rules for crypto. It has opened a fight between banks and crypto companies, and between Democrats and Republicans. Polymarket odds for passage in 2026 have dropped from 46% to 32.5% over the past weeks. Senate Majority Leader John Thune wants a floor vote before the August 7 recess.
The stablecoin reward provision is the central dispute. Non-bank issuers would pay interest on stablecoins. Banks argue that pulls deposits from the banking system. JPMorgan CEO Jamie Dimon publicly rejected the provision. “The banks will not accept it that way,” Dimon told lawmakers. Coinbase CEO Brian Armstrong responded. “They're trying to protect an old business model,” Armstrong said in a statement.
Goldman Sachs CEO David Solomon took a different position from the banking lobby. Solomon voiced support for the bill. 'I'm very supportive of moving the Clarity Act forward, so we can get some market structure in place,' Solomon said. The Goldman CEO backs CLARITY Act as banks fight stablecoin rewards. The Goldman Sachs stock page shows an Alpha Score of 51, a Mixed rating. JPMorgan's stock page carries an Alpha Score of 66, a Moderate label. JPMorgan's opposition to the stablecoin reward provision has been the most vocal from any major lender, traders said.
Several crypto organizations are pressuring the Senate to act. The Blockchain Association and the Digital Chamber sent a joint letter urging immediate votes. They reminded senators that roughly 67 million Americans own digital assets and are waiting for clear rules. Grayscale's head of research, Zach Pandl, said the bill could unlock the next wave of adoption.
Cardano founder Charles Hoskinson backed tougher ethics rules. 'President Donald Trump should stay out of crypto markets while in office,' Hoskinson said. The latest version of the CLARITY Act includes language approved by the White House. It would bar the president, vice president, members of Congress, and senior federal officials from launching cryptocurrencies while serving.
That language didn't satisfy all Senate Democrats. Some want state attorneys general to share enforcement powers with the Department of Justice. The bill's sponsors argue that would create different rules in different states, defeating the purpose of a federal standard. Representative William Timmons gave a different view of the stakes. “We're on the 1-yard line, we just gotta score the touchdown,” he said.
Senate Majority Leader John Thune wants to start floor debate before the chamber leaves for the August 7 recess. He warned that letting momentum stall would delay market clarity by years. Traders said the odds drop reflected the banking opposition and the tight timeline. The House is expected to take up the bill in September if the Senate passes its version. No date has been set for a floor vote.
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