The CEO of Goldman Sachs believes the crypto market structure bill will establish a more reliable regulatory environment, contrasting with other banking leaders who criticize essential stablecoin components.
By Helene Braun|Edited by Cheyenne Ligon Jul 23, 2026, 1:53 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Goldman Sachs CEO David Solomon at the Liberty World forum in Palm Beach. (CoinDesk)SummaryShow- Goldman Sachs CEO David Solomon expressed his support for the CLARITY Act, despite recognizing that the legislation is "not perfect."
- His support stands in stark contrast to the criticism from JPMorgan CEO Jamie Dimon and other banking leaders regarding provisions that permit crypto firms to issue yield-bearing stablecoins.
- These statements come as Republican senators are circulating revised text of the bill, anticipating a potential Senate vote next week.
David Solomon, the CEO of Goldman Sachs, has endorsed the CLARITY Act, asserting that the bill would offer crucial regulatory clarity for the digital asset sector, even as leading banks express opposition to significant components of the legislation.
In an interview with Politico, Solomon stated, "The CLARITY Act — like all legislation — is not perfect. There are many aspects that can be debated and discussed. However, I believe one of its most vital contributions is establishing a level playing field that enhances market stability and facilitates proper market development."
He added, "I strongly advocate for the progress of the CLARITY Act, as it is essential to establish a market structure and propel the innovation process forward."
These comments were made as Republican senators shared updated versions of the bill in preparation for a potential Senate vote in the upcoming week, marking progress towards long-awaited regulations for the crypto market structure.
Solomon's support is at odds with increasing resistance from other significant banking figures, including JPMorgan Chase's Jamie Dimon, who has criticized the legislation for potentially disadvantaging traditional banks by permitting crypto entities to offer yield-bearing stablecoins akin to bank deposits, yet without the same regulatory scrutiny.
Dimon expressed dissatisfaction with the recent updates to the bill during a May interview with Fox Business, stating, "It allows them to effectively pay interest on deposits, stablecoins or something similar, without the necessary protections in place."
He further asserted, "The banks will not accept it in that format. I’m not concerned about stablecoins, but if this occurs, I will distance myself from it, and it will inevitably lead to failure."
JPMorgan has cautioned that any crypto legislation must address regulatory loopholes instead of creating new ones. In a blog post published in June, the bank's executives emphasized that firms providing products resembling traditional bank accounts should be subjected to similar regulatory oversight and consumer protections.
The contention surrounding stablecoin rewards has emerged as a critical issue in the discussions surrounding the CLARITY Act. Coinbase CEO Brian Armstrong has claimed that banks are lobbying lawmakers to limit stablecoin rewards, perceiving them as a threat to their deposit-based business models, while banking leaders argue that crypto firms offering bank-like services must be regulated similarly to banks.
Solomon's statements also align with his previous comments from February, where he criticized the economic repercussions of excessive regulation. He noted, "When you impose excessive regulatory burdens on the system, it starts to deplete capital." While he acknowledged the necessity for oversight, he emphasized that regulation "needs to be implemented thoughtfully to ensure we get it right."
The CLARITY Act aims to create a regulatory framework for digital assets by clarifying the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Lawmakers are still in discussions regarding provisions related to stablecoin issuers, consumer protections, and yield-bearing products before the legislation can progress through Congress.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
By CoinDesk Research23 hours agoMarkets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
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