Goldman's Solomon Goes Long on CLARITY Act While Banks Still Yelling "Stable-coin No!

Goldman Sachs CEO David Solomon has declared his support for the CLARITY Act, telling Politico he is "very supportive of moving the crypto bill forward" so that market structure can be put in place and the innovation process can advance. Solomon acknowledged the legislation is imperfect and that "there are a lot of things that one could debate and argue about," but he argued the bill creates a level playing field to enhance market stability and allow markets to develop appropriately.

The endorsement comes as the latest draft of the CLARITY Act has been released and continues to face resistance, with Democrats yet to signal support for the package. Solomon's backing places Goldman Sachs alongside executives such as Ripple CEO Brad Garlinghouse and Coinbase CEO Brian Armstrong, who have also publicly pushed for the measure's passage.

Banking groups, however, remain opposed to provisions tied to stablecoin yields. Industry associations representing traditional lenders have warned that allowing yield-bearing stablecoins could siphon deposits from the banking system, a concern Solomon did not directly address in his remarks to Politico.

The CLARITY Act is intended to define jurisdictional boundaries between U.S. regulators overseeing digital asset markets, and supporters have framed it as a step toward clearer rules for token issuers, trading platforms, and intermediaries. Solomon's comments indicate that at least one major Wall Street bank is willing to back the framework despite unresolved disputes over yield-related provisions.

The bill's path forward in Congress remains uncertain as lawmakers weigh industry input, with both crypto firms and traditional banks continuing to lobby over the final shape of the legislation.