Goldman Sachs CEO David Solomon has voiced support for the CLARITY Act, saying the proposed crypto market structure legislation could deliver greater regulatory certainty and help create a more stable digital asset market. His stance puts him at odds with some of the largest banking executives, who have criticized parts of the bill, especially rules surrounding stablecoins.
Solomon acknowledged that the legislation is not perfect and includes areas open to debate, but he argued that its most important contribution would be creating a fair regulatory environment that supports market stability and allows the crypto sector to grow responsibly.
Speaking with Politico, Solomon said he favors advancing the CLARITY Act to establish clearer market rules and encourage continued innovation in the digital asset industry.
His comments came as Republican senators circulated an updated version of the bill ahead of a possible Senate vote, marking another development in efforts to introduce long-awaited crypto market structure regulations.
Solomon’s support contrasts with the views of other major banking leaders, including JPMorgan Chase CEO Jamie Dimon, who has expressed concerns about stablecoin provisions within the legislation.
Dimon has argued that allowing crypto companies to offer yield-generating stablecoin products could put traditional banks at a disadvantage by enabling firms to provide deposit-like services without facing equivalent banking regulations.
In a May interview, Dimon criticized the proposal, saying it could allow stablecoin platforms to provide returns similar to interest payments without the protections and oversight associated with traditional financial institutions.
He added that banks would strongly oppose such provisions and warned that creating an uneven regulatory environment could lead to future problems.
JPMorgan has also called for lawmakers to eliminate potential regulatory loopholes, arguing that companies offering financial products similar to bank accounts should be subject to comparable rules and consumer safeguards.
The debate over stablecoin rewards has emerged as one of the biggest obstacles in negotiations over the CLARITY Act. Coinbase CEO Brian Armstrong has argued that banks are attempting to limit stablecoin rewards because they threaten traditional deposit-based business models. Bank executives, however, say crypto companies offering similar financial services should follow banking-style regulations.
Solomon’s latest remarks are consistent with his earlier warnings about the economic impact of excessive regulation. In February, he argued that overly restrictive policies could drive capital away from markets.
While supporting regulatory oversight, Solomon emphasized that rules should be carefully designed to balance consumer protection with innovation and economic growth.
The CLARITY Act is designed to establish a comprehensive framework for digital assets by clarifying the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Lawmakers continue to negotiate remaining issues, including stablecoin regulation, consumer protections, and rules governing yield-generating crypto products.
