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Goldman Sachs CEO David Solomon has backed the CLARITY Act as Congress weighs new rules for the US digital asset market. His position separates Goldman from several banking groups that oppose parts of the revised Senate draft, mainly its treatment of stablecoin rewards.
Solomon said the bill has flaws but offers a path toward clearer market rules. His support comes as Senate Republicans push an updated version and Democrats demand changes covering ethics, consumer safeguards, illicit finance and market oversight.
In an interview reported on July 23, Solomon said the CLARITY Act was ‘not perfect.’ Still, he said the proposal could create a level playing field, support market stability and let digital asset markets develop under clearer standards.
Solomon also said he was ‘very supportive of moving the CLARITY Act forward.’ He argued that Congress should establish a market structure and allow the innovation process to continue. The comments place Goldman on a different side from several large bank leaders.
The House passed an earlier version of the Digital Asset Market Clarity Act in July 2025. The measure seeks to divide oversight duties between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Senate committees have since worked on their own text.
JPMorgan Chase CEO Jamie Dimon has opposed provisions that could let crypto companies offer rewards linked to stablecoin holdings. He argues that such products can operate like interest-bearing deposits without facing the same capital, liquidity and consumer rules that banks follow.
Bank trade groups raised similar concerns after senators released the updated draft on July 22. The groups said the bill could pull deposits from traditional lenders and reduce funds available for local lending. They also asked lawmakers to close what they view as a gap in stablecoin reward rules.
Crypto companies take a different position. Coinbase CEO Brian Armstrong says banks want tighter limits since stablecoin rewards could compete with deposit products. The dispute now centers on whether reward programs should face bank-style controls or separate digital asset rules.
Seven Senate Democrats said the Republican-backed text ‘falls short.’ They listed concerns involving ethics rules, consumer protection, illicit finance, conflicts of interest and market integrity. The senators said they would continue negotiations but would not support the current version.
Senator Elizabeth Warren called the revised proposal ‘dead on arrival.’ She argued that its ethics language does not provide strong enough enforcement against financial conflicts involving federal officials. Democrats also want state attorneys general to hold enforcement authority, rather than leaving that role mainly with the Justice Department.
Republican supporters say 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. Senator Cynthia Lummis has also defended the ethics provisions.
Lawmakers have not reached a final deal on stablecoin rewards, ethics enforcement or consumer protections. A Senate vote could occur after negotiators settle those disputes. The debate tests whether lawmakers can preserve bipartisan backing before any vote.
Until then, Solomon’s support gives the bill backing from one major Wall Street firm while the wider banking sector stays divided.
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