Goldman Sachs CEO David Solomon has backed the CLARITY Act, arguing that the crypto market structure bill could bring greater regulatory clarity and create a more stable environment for digital assets. His position differs from several other major banking leaders who remain opposed to certain stablecoin-related provisions in the legislation.
Solomon said the bill is not without flaws but emphasized that one of its key benefits is establishing clearer rules that could improve market stability and allow the digital asset sector to develop more effectively.
“The CLARITY Act — like all legislation — is not perfect. And there are lots of things that you could debate and argue about,” Solomon told Politico. However, he said the legislation’s ability to create a level playing field and support responsible market growth was a major advantage.
He added that he supports moving the bill forward to establish a regulatory structure for crypto markets and encourage further innovation across the industry.
Solomon’s comments came as Republican senators released revised language for the legislation ahead of a potential Senate floor vote next week, signaling continued progress toward long-awaited crypto market structure rules.
The Goldman executive’s support stands in contrast to criticism from other banking leaders, including JPMorgan Chase CEO Jamie Dimon, who has raised concerns that certain stablecoin provisions could give crypto companies an unfair advantage.
Dimon and other bank executives argue that allowing crypto firms to offer yield-generating stablecoin products could create alternatives to traditional bank deposits without requiring the same level of oversight and consumer protections.
In a May interview with Fox Business, Dimon criticized the proposal, saying it could allow companies to effectively offer interest-like payments on stablecoin holdings without the safeguards expected in the banking sector.
He warned that banks would not support the legislation in its current form and argued that such a structure could create long-term risks.
JPMorgan has also urged lawmakers to avoid creating regulatory gaps, arguing that companies providing services similar to traditional banking products should face comparable supervision and protections.
The treatment of stablecoin rewards has become one of the most debated issues surrounding the CLARITY Act. Coinbase CEO Brian Armstrong has claimed that banks are pushing for restrictions on stablecoin rewards because they threaten traditional deposit-based revenue models. Banking executives, meanwhile, maintain that crypto companies offering bank-like services should operate under similar regulatory standards.
Solomon’s latest comments align with his previous criticism of excessive regulation. In February, he warned that overly restrictive rules could reduce investment and limit economic growth.
While supporting appropriate oversight, Solomon said regulation must be carefully designed to avoid unnecessary barriers and ensure the market develops in a balanced way.
The CLARITY Act aims to establish a clearer regulatory framework for digital assets by defining the responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Before moving forward, lawmakers are still working through key issues involving stablecoin issuers, investor protections, and products that offer yield.
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