Goldman Sachs CEO David Solomon backed the CLARITY Act, splitting from banking groups that oppose stablecoin rules. Senate Majority Leader John Thune said the bill will not reach a vote before the August recess.
Goldman Sachs CEO David Solomon threw his weight behind the CLARITY Act last week, breaking with parts of the banking industry that oppose the bill's stablecoin provisions. The public endorsement came as Senate Republicans finalize a draft for debate.
Solomon told reporters the legislation is "not perfect" but represents a step toward a uniform market structure for digital assets. He argued that regulated financial institutions should be able to operate directly in blockchain-based markets under the same rules. His stance puts Goldman at odds with the American Bankers Association, the Bank Policy Institute, and the Consumer Bankers Association, which sent formal warnings to lawmakers.
Those groups said the stablecoin rules in the current text could drain deposits from traditional banks and reduce liquidity for local lending. The criticism echoes a broader pushback from the banking lobby, which has been fighting to keep stablecoin issuance within the regulated banking system.
Goldman Sachs, with an Alpha Score of 51 (mixed), finds itself on the opposite side from JPMorgan Chase (Alpha Score 61, moderate), whose CEO Jamie Dimon has been a vocal critic of crypto. The split highlights the industry's internal divide over how far to embrace digital assets.
On Capitol Hill, the legislative path remains uncertain. Senate Majority Leader John Thune told reporters the CLARITY Act will not reach a final vote before the August recess. He said the start of formal debate depends on securing 60 votes in the upper chamber.
Democrats who generally support crypto legislation have rejected the latest draft, published July 22. They warned that the bill's enforcement provisions could give the Justice Department too much authority over digital asset markets. The opposition complicates efforts to build bipartisan support.
Polymarket traders have been adjusting their views. The implied probability of the CLARITY Act becoming law in 2026 rose to 43% late last week after reports that President Donald Trump backed a stalled ethics clause, then fell back to 37% as the Senate standoff continued. The oscillation reflects the uncertainty around the legislative calendar.
Coinbase Chief Legal Officer Paul Grewal backed Solomon's position in a public post. Cody Carbone, CEO of Digital Chamber, analyzed the legislative landscape on Fox Business, calling the bill a "starting point" for regulation. Options market data cited by Volmex Labs CEO Cole Kennelly suggests investors are pricing in a higher chance of a regulatory breakthrough in the near term.
Thune said the bill will not reach a vote before the August recess.
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