Goldman Sachs: The U.S. Crypto Market Structure Bill May Be a Key Catalyst for Accelerating Institutional Entry

Goldman Sachs analysts James Yaro and others stated in a report that the ongoing improvement of the regulatory environment is becoming a key factor driving further adoption of crypto assets by institutions, particularly benefiting both buy-side and sell-side financial institutions, while also promoting the development of new application scenarios for crypto assets beyond trading.

The analysts pointed out that the U.S. crypto market structure bill, the "Clarity Act," currently advancing in Congress, is an important catalyst. The report believes that this bill will clarify the regulatory framework for tokenized assets and decentralized finance (DeFi), and clearly delineate the regulatory responsibilities of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), which is a necessary prerequisite for unlocking institutional capital and promoting compliant participation.

Goldman Sachs also reminded that the bill needs to be passed in the first half of 2026; otherwise, the U.S. midterm elections in November may delay the legislative process. Previously, Republican Senate Banking Committee Chairman Tim Scott stated that the relevant committee will soon revise the "Clarity Act" and move into the voting stage. Industry insiders also noted that although market adjustments at the end of 2025 may slow short-term adoption, if the bill is successfully implemented, it could significantly accelerate the entry of institutions in a meaningful way.