Goldman Sachs CEO Backs CLARITY Act as Senate Divides Over Crypto Bill

Goldman Sachs Chairman and CEO David Solomon has endorsed the CLARITY Act, adding Wall Street support as senators debate the future of U.S. digital asset regulation. Solomon stated, “I’m very supportive of moving the Clarity Act forward, so we can get some market structure in place and start to move the innovation process along.” He acknowledged the legislation is imperfect but argued it would create a level playing field, improve market stability, and allow digital asset markets to develop within a clearer federal framework. Solomon said regulated institutions that have remained on the sidelines would be able to participate more actively.

However, his position differs from major consumer and commercial banking organizations. Those groups object to provisions that could allow crypto platforms to offer yield-based rewards on dollar-pegged stablecoins, arguing such rewards could pull deposits away from traditional banks, reducing lending for mortgages and small-business credit. The American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum, Independent Community Bankers of America, and National Bankers Association have issued similar warnings. Goldman Sachs, an investment bank less dependent on consumer deposits, emphasizes provisions enabling regulated institutions to use blockchain technology and digital assets.

The House previously passed the CLARITY Act, while the Senate Banking Committee advanced its version in May. Republican senators circulated new language on July 22 as congressional leaders considered bringing the legislation to the Senate floor. The latest text reflects negotiations with lawmakers, regulators, law enforcement agencies, financial institutions, consumer advocates, and crypto companies. It would establish federal rules for digital asset intermediaries and clarify responsibilities between the SEC and CFTC. Its path remains uncertain, as Senate opponents say the bill still lacks strong ethics safeguards for elected officials and their families. A July 22 minority analysis cited conflicts of interest, stablecoin rewards, illicit finance, and law enforcement authority as unresolved issues.

Solomon’s endorsement carries added weight given Goldman Sachs oversaw $4.04 trillion in assets under supervision at the end of Q2 2026. The firm has expanded its crypto business, working with Apex Group and Archax on an institutional tokenized real estate fund built on its blockchain-based digital asset platform. Goldman Sachs Asset Management has also filed to launch a bitcoin premium income ETF using a covered-call strategy, intensifying competition after Blackrock launched a similar product. Solomon has also revealed he owns “very little” bitcoin personally, calling himself an observer.

Source: https://news.bitcoin.com/goldman-sachs-ceo-backs-clarity-act-as-senate-divides-over-crypto-bill/