Bob Diamond says the CLARITY Act would benefit banks like JPMorgan and Goldman Sachs, even as many in traditional finance oppose it. The bill's fate now rests with the Senate.
Bob Diamond, the former Barclays chief executive, threw his weight behind the Digital Asset Market Clarity Act during a CNBC Squawk Box appearance Wednesday. The support comes as much of the traditional US banking sector remains opposed to the legislation, which would set federal rules for digital assets.
Blockchain technology lets markets run 24/7 with instant settlement at a fraction of current costs, Diamond said. That shift, he argued, will ultimately benefit the very institutions now resisting it. JPMorgan and Goldman Sachs have poured money into tokenization projects and blockchain infrastructure. Clear rules would accelerate that work, Diamond said, by removing legal uncertainty that keeps many big firms on the sidelines.
“The legal certainty will be the catalyst for broad institutional adoption,” Diamond told CNBC.
The bill still needs to pass the Senate, where it has faced delays. A recent AlphaScala analysis put the odds of passage at 27% after a floor vote was postponed. Diamond’s public endorsement adds a high-profile voice from the banking world, even if the sector’s lobbying groups have not shifted their stance.
JPMorgan and Goldman Sachs, along with Diamond’s former employer Barclays, carry “Moderate” Alpha Scores at AlphaScala – 64, 57, and 59 respectively – reflecting mixed sentiment around their exposure to regulatory shifts.
The next concrete test is whether Senate leaders schedule a vote before the August recess.
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