Goldman Sachs CEO Breaks With Wall Street to Back Crypto Clarity Act
Goldman Sachs CEO David Solomon voiced support for the Clarity Act, saying it would help create crypto market structure, improve stability, and encourage innovation and broader institutional participation. The bill would largely legalize U.S. crypto activity by treating most crypto assets as non-securities outside SEC oversight, while also protecting decentralized developers and addressing stablecoin rewards. Solomon said the bill is imperfect but useful as a framework. His position differs from much of the banking industry, which strongly opposes stablecoin yield rules. Banks argue crypto firms’ rewards on stablecoin balances, often around 3% to 5% APY, could drain deposits and create an unfair advantage. JPMorgan CEO Jamie Dimon has been especially critical. Updated Senate text preserves the market structure framework but adds ethics provisions, and the bill’s path remains uncertain ahead of a possible August recess vote.
