Goldman Sachs CEO David Solomon endorsed the Clarity Act in a Politico interview, siding with crypto firms against JPMorgan's Jamie Dimon over stablecoin yield rules.
Goldman Sachs CEO David Solomon broke with the commercial banking industry Thursday, endorsing the Clarity Act in a Politico interview and putting the bank behind the crypto market-structure bill.
“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. He called the bill imperfect but said its value lies in creating “a level playing field to enhance market stability and allow these markets to develop appropriately.”
The endorsement places Goldman on the opposite side of JPMorgan on one of the most contentious provisions in the bill: stablecoin yield. Commercial and community banks have warned that the current language would let crypto platforms pay rewards on stablecoin holdings without submitting to banking regulations, pulling deposits out of community banks and shrinking their lending capacity. JPMorgan CEO Jamie Dimon said in May, “The banks will not accept it that way,” adding that the setup “will eventually blow up.”
Investment banks like Goldman rely less on consumer deposits. Solomon pointed to language that would let “regulated institutions that have been on the sidelines participate more actively.”
The divide runs along business lines. Goldman's stock (GS) carries an Alpha Score of 51 out of 100, labelled Mixed, in the Financials sector. JPMorgan (JPM) scores 61, Moderate, trading at $348.64, up 0.12% on the session.
The Clarity Act would split oversight of digital assets between the SEC and the CFTC. A version cleared the House in July 2025. The Senate Banking Committee signed off on its own draft 15-9 in May. The 60 votes required on the Senate floor remain a steep climb. Majority Leader John Thune is aiming for a vote in the coming week.
Seven Senate Democrats, led by Angela Alsobrooks, said Wednesday in a joint statement that the Republican text “as it currently stands falls short.” The lawmakers wrote that “key provisions including those addressing ethics for elected officials, consumer protection, illicit finance, conflicts of interest and market integrity must be strengthened.” The updated draft would bar the president, members of Congress and other officials from issuing digital assets for compensation while in office. Democrats distrust the Trump Justice Department to enforce those limits, the statement said.
The full story, including the stablecoin reward fight and Solomon's comments, is covered in more detail in Goldman CEO backs CLARITY Act as banks fight stablecoin rewards.
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