Goldman Sachs CEO David Solomon breaks from Wall Street to back CLARITY Act

Goldman Sachs (NYSE: GS) Chairman and CEO David Solomon stepped out ahead of Wall Street this week, voicing his support for a sweeping piece of crypto legislation even as the bill’s chances of becoming law this year take a serious hit.

“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 told Politico.

The Digital Asset Market Clarity Act, if enacted, would formally bring most crypto activity within a legal framework in the United States. It would classify the majority of crypto tokens as non-securities, putting them beyond the reach of the Securities and Exchange Commission (SEC).

The bill also includes protections for developers who build decentralized software, and takes up the question of whether crypto platforms should be allowed to pay interest on stablecoin holdings.

Solomon admitted the bill has its flaws, saying it is “not perfect” and that, like any legislation, there is room for disagreement. But he argued its real worth is in establishing “a level playing field to enhance market stability and allow these markets to develop appropriately.”

… Continue reading the full article at the original source below.