Goldman Sachs CEO David Solomon backs the Digital Asset Market Clarity Act as banking groups warn its stablecoin rules could weaken deposits. Senate leaders say a pre-recess vote is unlikely.
Goldman Sachs CEO David Solomon threw his weight behind the Digital Asset Market Clarity Act, calling it a meaningful step toward regulatory certainty for U.S. crypto markets. His endorsement lands as Senate Republicans prepare to advance an updated version of the bill and as major banking groups push back on its stablecoin provisions.
Solomon said the legislation is not perfect but represents real progress. “I’m very supportive of moving it forward,” he told reporters, arguing the bill would let more regulated financial institutions participate in blockchain-based markets. Traditional firms have largely sat out because the rules are unclear, he said.
Goldman supports “one system where everybody can participate,” Solomon added, stressing the bill is a first step, not a final fix.
Not everyone agrees. The American Bankers Association, the Bank Policy Institute and the Consumer Bankers Association warned lawmakers that the stablecoin framework could weaken bank deposits and cut local lending. Solomon declined to criticize other banking executives.
The crypto side cheered. Coinbase Chief Legal Officer Paul Grewal posted a terse reply on X: “He’s right.”
Volmex Labs CEO Cole Kennelly said options market data suggests increasing expectations that lawmakers could make progress in the coming weeks. Digital Chamber CEO Cody Carbone discussed the bill’s prospects on Fox Business as Senate leaders weigh a floor vote before the August recess.
Senate Majority Leader John Thune tempered that optimism. He told reporters the Clarity Act is unlikely to pass before lawmakers leave for August. He hopes to at least begin Senate consideration but said the outcome depends on securing enough votes.
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