Today in crypto, the CLARITY Act remained at the center of the US crypto policy debate as Senator Ruben Gallego blasted Republicans’ proposed ethics rules while Goldman Sachs CEO David Solomon backed the broader bill. Meanwhile, crypto derivatives pioneer BitMEX announced it will shut down after 11 years of operation.

Dem senator calls GOP’s CLARITY ethics proposal a ‘piece of shit’: Politico

Democratic Senator Ruben Gallego says he will be working with Republicans to come up with a counterproposal to White House-approved ethics provisions in the CLARITY Act, saying the draft released this week was “not a serious effort.”

On Wednesday, Senate Republicans released the proposed text for the Digital Asset Market Clarity (CLARITY) Act, including language on ethics that would bar all US federal officials — including US President Donald Trump — from issuing or sponsoring any digital asset. Democrats said the ethics provisions fall short.

“Whatever piece of shit they sent back to us, that was not a serious effort,” Senator Ruben Gallego told Politico on Thursday.

“I can’t imagine that that’s a serious effort — after all the work that we’ve done with our Republican colleagues, that they would take the months and months of work and somehow interpret that and turn around and think what they offered was even remotely close.”

Gallego said he would work with Senator Thom Tillis and other Republicans on a counterproposal.

“We are still in this fight,” Gallego told Politico. “We are going to send back language.”

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Goldman Sachs CEO backs CLARITY Act ahead of expected Senate vote

Goldman Sachs CEO David Solomon has publicly endorsed the CLARITY Act, adding rare support from a major Wall Street bank as the US Senate prepares to consider the crypto market structure bill.

Speaking to Politico, Solomon said the legislation is “not perfect” but argued it would create a more level regulatory environment and help digital asset markets mature. His backing contrasts with the stance of other banking executives, including JPMorgan CEO Jamie Dimon, who has criticized provisions that allow crypto firms to offer yields on stablecoins outside the rules governing traditional banks.

The bill, unveiled by Senate Republicans on Wednesday, is expected to face a closely watched vote that will likely require bipartisan support to pass. Democrats, including Senator Elizabeth Warren, continue to oppose the measure, arguing its ethics provisions are too weak and fail to adequately address conflicts tied to President Donald Trump’s crypto interests. Senate leadership has not yet announced when the chamber will vote.

BitMEX to shut down after 11 years in crypto derivatives

BitMEX, one of the pioneers of cryptocurrency derivatives trading, announced it will shut down operations after owner and operator HDR Global Trading Limited decided to close the company following a strategic review.

BitMEX announced Thursday that it will stop exchange services on Sept. 23, 2026, at 04:00 UTC and urged users to close positions and withdraw funds before the deadline.

“We want to reassure you that your assets remain fully safe and under your control during this transition period,” BitMEX said in a statement to users.

BitMEX did not disclose further details about the factors behind HDR Global Trading Limited’s decision to close the exchange following its strategic review. The exchange declined to comment further and HDR Global Trading did not immediately respond to Cointelegraph’s request for comment.

BitMEX leaves a market it helped define as decentralized derivatives platforms capture a growing share of trading activity from centralized exchanges (CEXs). According to CoinGecko’s Q2 2026 Crypto Industry Report, CEX perpetual futures volume fell 10% to $12.7 trillion during the quarter, while decentralized platforms continued gaining ground. Hyperliquid has emerged as one of the leading decentralized perpetual exchanges, ranking second by open interest behind Binance.