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.”
The executive added that he is “very much in favor of moving forward” with the bill to establish a market structure that drives innovation. At the same time, a group of Republican senators circulated an updated version of the bill ahead of a potential vote on the Senate floor next week.
Goldman Sachs CEO: It’s time to advance the crypto bill https://t.co/FNuO72rT2C
— POLITICO (@politico) July 23, 2026
The CLARITY Act vs The Big Banks
Solomon’s support for the CLARITY Act contrasts with the position of Jamie Dimon, CEO of JPMorgan Chase, who argued in May before Fox Business that the bill puts traditional banks at a competitive disadvantage, as it would allow crypto companies to offer stablecoins with yields without the same regulatory requirements. “Banks will not accept it that way,” Dimon warned. JPMorgan also published a blog in June in which bank executives argued that firms offering products similar to bank accounts should fall under comparable oversight.
For his part, Brian Armstrong, CEO of Coinbase, accused banks of lobbying legislators to restrict stablecoin yields because they threaten their deposit-based business models.
Balancing Innovation and Oversight
Solomon had already expressed a similar position in February, when he criticized the economic costs of excessive regulation. “When you overload this system with excessive regulation, you start to extract capital,” he said on that occasion, while acknowledging that oversight must exist if done with sound judgment.
The CLARITY Act seeks to define the respective roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission in overseeing digital assets. Lawmakers are still negotiating provisions on stablecoin issuers, consumer protections, and yield-bearing products before the bill can advance in Congress.
