Goldman Sachs CEO David Solomon has endorsed the CLARITY Act, saying the proposed crypto market structure legislation could bring much-needed regulatory clarity and improve stability across the digital asset industry. His support comes as several major banking executives continue to challenge parts of the bill, particularly provisions related to stablecoins.
Solomon said the legislation is not flawless and that some elements remain open for debate, but he believes its biggest benefit is establishing clearer rules that create a more balanced environment for digital asset markets.
In an interview with Politico, Solomon said he supports advancing the CLARITY Act because a defined regulatory framework would help strengthen market confidence and allow crypto innovation to progress.
His comments arrived as Republican senators circulated revised language for the bill ahead of a possible Senate vote, representing another step toward introducing a long-awaited regulatory framework for the crypto sector.
The Goldman Sachs chief’s position differs from that of other leading bank executives, including JPMorgan Chase CEO Jamie Dimon, who has raised objections to parts of the legislation involving stablecoin rewards.
Dimon has argued that allowing crypto companies to issue yield-generating stablecoins could create an uneven playing field by enabling firms to offer products similar to bank deposits without being subject to the same regulatory requirements.
During a May interview with Fox Business, Dimon criticized the proposal, saying stablecoin platforms could effectively provide returns on customer funds without the safeguards that apply to traditional financial institutions.
He warned that banks would reject the legislation if those provisions remain unchanged, arguing that the framework could eventually create broader financial risks.
JPMorgan has also urged lawmakers to address regulatory gaps, stating that companies offering services that function similarly to bank accounts should face comparable oversight and customer protection standards.
Stablecoin rewards have become one of the most contentious issues in discussions around the CLARITY Act. Coinbase CEO Brian Armstrong has accused banks of pushing for restrictions because stablecoin rewards could challenge traditional deposit-based revenue models. Banking leaders, however, maintain that crypto firms offering bank-like products should operate under similar regulatory standards.
Solomon’s support for the bill reflects his broader view that regulation should encourage innovation rather than restrict it. Earlier this year, he warned that excessive regulation could discourage investment and pull capital away from emerging markets.
While recognizing the importance of oversight, Solomon said regulatory measures must be carefully designed to avoid slowing technological progress.
The CLARITY Act aims to define a clearer regulatory framework for digital assets by outlining the responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Lawmakers are still working through unresolved issues involving stablecoin issuers, consumer protections, and crypto products that provide returns.
