Goldman Sachs CEO David Solomon has publicly endorsed the CLARITY Act, a proposed U.S. digital asset market structure bill, despite widespread opposition from major banking groups. Solomon’s stance places Goldman Sachs at odds with other Wall Street leaders who object to provisions on stablecoin rewards.
In an interview reported on July 23, 2026, Solomon described the bill as “not perfect” but argued it would create a level playing field, support market stability, and allow digital asset markets to develop under clearer standards. He stated he was “very supportive of moving the CLARITY Act forward,” urging Congress to establish a market structure that encourages continued innovation.
The House passed an earlier version of the Digital Asset Market Clarity Act in July 2025, which aims to divide regulatory oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Senate committees have since been working on their own version.
Stablecoin Rewards Divide Major Banks
JPMorgan Chase CEO Jamie Dimon has opposed provisions that would allow crypto companies to offer rewards tied to stablecoin holdings. Dimon argues that such products function like interest-bearing deposits without facing equivalent capital, liquidity, and consumer protection rules. Bank trade groups echoed these concerns after senators released an updated draft on July 22, warning that the bill could drain deposits from traditional lenders and reduce funds available for local lending. They have urged lawmakers to close what they view as a regulatory gap in stablecoin reward rules.
Crypto companies take a different view. Coinbase CEO Brian Armstrong contends that banks seek tighter limits because stablecoin rewards could compete with traditional deposit products. The core dispute centers on whether reward programs should be subject to bank-style controls or separate digital asset regulations.
Democrats Seek Stronger Ethics and Consumer Protections
Seven Senate Democrats have criticized the Republican-backed text as “falls short,” citing concerns over ethics rules, consumer protection, illicit finance, conflicts of interest, and market integrity. Senator Elizabeth Warren called the revised proposal “dead on arrival,” arguing its ethics language lacks sufficient enforcement against financial conflicts involving federal officials. Democrats also want state attorneys general to hold enforcement authority rather than leaving it primarily with the Justice Department.
Republican supporters counter that the draft adds limits on crypto activity by senior federal officials and strengthens national security controls. Senator Tim Scott has said the framework protects consumers and gives businesses clearer rules, while Senator Cynthia Lummis has defended the ethics provisions.
Lawmakers have yet to reach a final deal on stablecoin rewards, ethics enforcement, or consumer protections. A Senate vote could occur after these disputes are resolved, testing whether bipartisan support can be preserved. Until then, Solomon’s backing gives the CLARITY Act a significant endorsement from one major Wall Street firm while the broader banking sector remains divided.
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