Goldman Sachs CEO Breaks With Wall Street to Back Crypto Clarity Act
DECRYPT ·
Goldman Sachs CEO David Solomon told Politico he is "very supportive of moving the Clarity Act forward." His stance breaks with much of Wall Street, including JP Morgan's Jamie Dimon and a coalition of banking trade groups who want stronger language limiting stablecoin yield. The endorsement lands as Republicans circulate updated bill text preserving the market framework while adding contested ethics provisions, leaving the Clarity Act's Senate path uncertain ahead of a hoped-for vote before the August recess. Goldman Sachs Chairman and CEO David Solomon has come out in favor of the Clarity Act, positioning one of Wall Street's biggest banks apart from much of the industry as the crypto market-structure bill approaches a possible Senate floor vote. "I'm very supportive of moving the Clarity Act forward, so we can get some market structure in place and start to move the innovation process along," Solomon said in an interview with Politico . The Clarity Act, if passed and signed into law, formally legalize most cryptocurrency activity in the United States, classifying most crypto assets as non-securities and outside the purview of the SEC. The bill also carries provisions that would protect decentralized software developers and addresses the practice of offering rewards on stablecoin balances.
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