Goldman Sachs CEO: It’s Time to Pass the Crypto Clarity Act

Goldman Sachs’ CEO David Solomon is supportive of the Crypto Clarity Act, and recently called on US regulators to pass the bill. Solomon says the legislation would provide much-needed regulatory certainty for the digital asset industry even as some of Wall Street’s biggest banks continue to oppose key provisions of the bill.

“The CLARITY Act — like all legislation — is not perfect. And there are lots of things that you could debate and argue about,” Solomon told Politico in an interview. “But I think one of the most important things that it does is that it creates a level playing field to enhance market stability and allow these markets to develop appropriately… 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,” he added.

The Goldman Sachs CEO is one of several bankers that has issued their two cents on the CLARITY Act. In expected opposition, JPMorgan CEO Jamie Dimon argues that the legislation could put traditional banks at a competitive disadvantage by allowing crypto companies to offer yield-bearing stablecoin products that resemble bank deposits without being subject to the same regulatory framework. JPMorgan has also warned that crypto legislation should close regulatory gaps rather than create new ones.

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