Goldman Sachs Backs the Clarity Act, Splitting Wall Street Over Crypto Rules

Bitcoin Magazine

Goldman Sachs Backs the Clarity Act, Splitting Wall Street Over Crypto Rules

Goldman Sachs chairman and CEO David Solomon has thrown his support behind the Clarity Act, the crypto market-structure bill moving through the Senate, a stance that sets one of Wall Street’s largest banks apart from rivals lining up against it.

“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 in an interview with Politico. He called the bill imperfect, and said its value lies in creating “a level playing field to enhance market stability and allow these markets to develop appropriately.”

Solomon spoke after Senate Republicans began circulating new text of the bill this week, ahead of a possible floor vote. His endorsement lands against a wave of opposition from other bankers, chief among them JPMorgan chief Jamie Dimon, who declared war on the bill and, in May, upbraided Coinbase CEO Brian Armstrong over the industry’s lobbying.

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