Goldman Sachs Chief Pushes for Crypto Framework Despite Stablecoin Industry Pushback

Goldman Sachs CEO David Solomon has backed the CLARITY Act, saying the proposed crypto market structure legislation could provide greater regulatory certainty and help establish a more stable foundation for digital assets. His support comes as other major banking executives continue to oppose certain parts of the bill, especially rules governing stablecoins.

Solomon said the legislation is not without flaws and that some provisions remain open to discussion, but he believes its biggest advantage is creating clearer guidelines that would promote fair competition, strengthen market stability, and allow the crypto industry to develop more effectively.

Speaking to Politico, Solomon said he supports advancing the CLARITY Act because putting a formal market structure in place would help encourage innovation and provide businesses with more confidence.

His remarks came as Republican senators released updated bill language ahead of a possible Senate floor vote, marking another step toward advancing long-awaited cryptocurrency regulation in the United States.

Solomon’s position differs from other major banking figures, including JPMorgan Chase CEO Jamie Dimon, who has criticized parts of the legislation related to stablecoin rewards and yield-generating products.

Dimon has argued that allowing crypto companies to offer returns on stablecoin holdings could create an unfair advantage over traditional banks. He believes such products could operate similarly to bank deposits while avoiding the same regulatory requirements and consumer protections.

In a May interview, Dimon said he was unhappy with the bill’s current approach, arguing that stablecoin issuers should not be allowed to provide deposit-like returns without the safeguards expected from banks.

He warned that the banking industry would push back against such provisions and suggested that an uneven regulatory system could eventually lead to problems.

JPMorgan has also urged lawmakers to prevent regulatory loopholes, saying companies offering financial products that function like traditional banking services should face similar oversight and customer protection rules.

The debate surrounding stablecoin rewards has become a major obstacle in negotiations over the CLARITY Act. Coinbase CEO Brian Armstrong has argued that banks are opposing stablecoin rewards because they could threaten traditional deposit-based revenue models. Banking leaders, however, maintain that crypto firms providing bank-like services should be regulated in a similar manner.

Solomon’s support for the bill follows his earlier criticism of excessive regulation. He has warned that overly restrictive policies can discourage investment and drive capital away from emerging sectors.

At the same time, Solomon has emphasized the need for thoughtful regulation that balances investor protection with innovation.

The CLARITY Act seeks to establish a clearer framework for digital assets by defining the responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Lawmakers are still negotiating key areas, including stablecoin oversight, consumer safeguards, and rules for crypto products that generate returns.