Goldman chief supports CLARITY Act breaking from industry critics of stablecoin rules

TL;DR

• Goldman Sachs CEO David Solomon expressed support for the CLARITY Act despite acknowledging that the legislation “is not perfect.”
• Jamie Dimon, of JPMorgan Chase, opposes the bill because it would allow crypto companies to offer yield-bearing stablecoins without equivalent banking regulation.
• The law would define the roles of the SEC and CFTC in overseeing digital assets, but remains under negotiation in Congress.

David Solomon, CEO of Goldman Sachs, publicly expressed his support for the CLARITY Act and stated that the legislation would provide the regulatory certainty that the digital asset industry needs, even as some of the largest Wall Street banks continue to oppose certain key provisions of the bill.

“The CLARITY Act, like all legislation, is not perfect. There is much to debate and discuss,” Solomon said in an interview with Politico. “But I think the most important thing it does is create a level playing field to improve market stability and allow these markets to develop in an appropriate way.”

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