Goldman Sachs CEO David Solomon backs the CLARITY Act as a federal rulebook for crypto. Six bank trade groups oppose stablecoin reward provisions. Senate floor vote timing is uncertain.
David Solomon, Goldman Sachs chairman and CEO, told Politico he supports the CLARITY Act even though the bill is not perfect. A clear market structure would let financial institutions and blockchain companies operate under a single federal rulebook rather than the current split between SEC and CFTC oversight, he said.
His endorsement arrives as the Senate weighs updated crypto legislation that the House already passed. Republican senators introduced revised language on July 22 after talks with regulators, law enforcement, consumer advocates, and crypto companies. The proposal aims to define which agency oversees which category of digital asset – the industry's longest-running policy question.
For institutional investors, defined rules are a prerequisite for expanding into crypto custody, tokenized assets, and blockchain infrastructure. Solomon's support puts the biggest U.S. investment bank behind a bill that deposit-focused lenders oppose.
Six banking trade groups – the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum, Independent Community Bankers of America, and the National Bankers Association – object to provisions that would let crypto platforms pay yield or rewards on dollar-backed stablecoins. Traditional banks argue those incentives could pull deposits away from consumer lending and mortgages.
Goldman Sachs reported roughly $4 trillion in assets under supervision at the end of the second quarter. The firm relies far more on investment banking and institutional services than on retail deposits, giving it a different perspective on digital assets than consumer lenders.
A minority analysis released the same day by the Senate Banking Committee argued the bill still lacks sufficient ethics protections for elected officials and their families. Lawmakers also remain split on anti-money laundering safeguards, illicit finance monitoring, and federal enforcement authority.
Solomon's public stance comes as Goldman expands its own blockchain projects. The firm partnered with Apex Group and Archax to build an institutional tokenized real estate fund on its digital asset platform. Goldman Sachs Asset Management also filed for a Bitcoin Premium Income ETF – a covered-call strategy tied to Bitcoin exposure – following BlackRock's launch of a similar product.
For crypto exchanges and token issuers, the CLARITY Act could replace the current patchwork of state-by-state licensing with a single federal regime. For banks, it could lower compliance costs tied to custody and tokenization.
When the Senate returns, it will decide whether to schedule a floor vote.
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