Solomon backs the Clarity Act as a floor vote nears. Dimon and six banking groups warn stablecoin rules could drain deposits and weaken local lending.
Goldman Sachs CEO David Solomon has publicly backed the Clarity Act, the bill that would create a federal rulebook for crypto markets. Solomon told Politico on Thursday that the U.S. digital asset industry needs clear rules, even if the bill is not perfect. He said the alternative is a "regulatory vacuum."
The bill is headed for a possible floor vote next week. It would split oversight of digital assets between the SEC and the CFTC, ending years of jurisdictional drift.
Solomon's endorsement puts Goldman on one side of a Wall Street divide. JPMorgan Chase CEO Jamie Dimon has criticized parts of the bill, arguing that stablecoin issuers could offer rewards similar to interest without the same deposit insurance and capital requirements that banks face. Six U.S. banking trade groups, including the American Bankers Association, made the same point in a joint statement. They warned the rules could pull deposits away from banks and weaken local lending. The U.S. Hispanic Chamber of Commerce raised similar concerns in a July 21 letter to Senate leadership.
The difference traces to business models. Goldman relies more on trading, asset management, and capital markets than on traditional deposits. As tokenized assets and stablecoins expand, the bank could find new opportunities in custody and trading infrastructure. Banks with larger deposit books face a different math: if stablecoins become an alternative to bank accounts, the deposit base shrinks.
Wall Street is not split on whether digital assets are viable. The split is on who wins and who loses under a given set of rules. Goldman sees the Clarity Act as a foundation for tokenized securities, custody products, and real-world asset issuance with lower legal risk. JPMorgan and the trade groups see a competitive imbalance that could shift retail deposits toward stablecoin issuers.
The debate extends beyond U.S. borders. Dollar-backed stablecoins are already used for cross-border payments, remittances, and savings in countries with weaker currencies. How the U.S. writes the rules will influence how the global digital dollar market develops.
Goldman's Alpha Score is 50 out of 100, labeled Mixed. JPMorgan's Alpha Score is 65, labeled Moderate, with a current price of $349.02, down 0.25% on the day.
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