Goldman Sachs CEO David Solomon says he supports the U.S. crypto market structure bill known as the CLARITY Act, even as parts of the banking industry express reservations about specific stablecoin provisions. Multiple outlets report that Solomon frames the legislation as a way to create a clearer, more stable regulatory framework for crypto. Cointelegraph describes his stance as supportive despite recognizing the bill is “not perfect,” suggesting ongoing concerns remain even with his endorsement. The reporting also indicates his position differs from other prominent banking voices and industry groups. CoinDesk notes that Solomon’s support breaks with other major bank leaders who oppose key stablecoin elements of the bill. Decrypt adds that the endorsement would mark a split with executives such as JPMorgan Chase CEO Jamie Dimon and with banking trade groups. Those opponents warn that certain stablecoin-related yield features could encourage flows away from traditional banks, potentially pulling deposits toward crypto-linked products. The sources describe that a legislative vote is expected soon, with Solomon’s backing occurring amid ongoing debate over how stablecoins should be regulated within the broader market-structure framework.
Goldman CEO backs CLARITY Act as vote approaches despite stablecoin concerns
Goldman Sachs CEO David Solomon says he supports the U.S. crypto market structure bill known as the CLARITY Act, even as parts of the banking industry express reservations about specific stablecoin pr...
- David Solomon, CEO of Goldman Sachs, endorses the CLARITY Act, a U.S. crypto market structure bill.
- Solomon’s support is described as coming despite concerns in the financial sector about aspects of the bill, particularly stablecoin rules.
- Banking industry figures and trade groups oppose key stablecoin provisions, warning they could affect deposit flows away from traditional lenders.
- The endorsement is reported to differ from other major banking leadership positions, including JPMorgan CEO Jamie Dimon.
- A vote on the legislation is expected soon, according to the reporting.
Solomon's endorsement splits with JP Morgan's Jamie Dimon and banking trade groups, who warn the bill's stablecoin-yield provisions could pull deposits away from traditional lenders.
2 days agoGoldman chief David Solomon will support the crypto market structure bill now in Congress, even as financial companies and banks are hesitant over provisions on stablecoins.
3 days agoThe Goldman Sachs CEO said the crypto market structure bill would create a more stable regulatory framework, breaking with other major bank leaders who oppose key stablecoin provisions.
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