Goldman Sachs Chairman and CEO David Solomon has publicly expressed his support for advancing the Clarity Act, the U.S. cryptocurrency market structure bill. This statement sets Goldman Sachs apart from some of its peers, at a time when many large Wall Street banks still have reservations about certain provisions of the bill.
In an interview with Polit's token launch, Solomon stated that he supports pushing the bill forward to establish market structure rules as soon as possible and allow related innovations to continue to develop. He also acknowledged that the bill is not perfect and there is still much to discuss, but its core purpose is to provide a clearer institutional foundation for the market.
The focus is on stablecoin yields
If passed and signed by the president, the Clarity Act will establish a federal-level market framework for most crypto-asset activities in the United States. The report mentions that the bill's direction includes removing most crypto-asset assets from the scope of securities regulation and incorporating decentralized software developer protection and stablecoin-related arrangements.
One of the most contentious aspects of the current situation is the stablecoin yield terms. Stablecoins are typically pegged 1:1 to the US dollar and are widely used for transaction settlement, cross-border transfers, and on-chain fund stabilization. In recent years, crypto companies like Coinbase have consistently offered rewards for a portion of their stablecoin balances; for example, Circle's USDC typically offers annualized yields higher than traditional bank savings accounts.
The banking industry has been trying to limit such practices. JPMorgan Chase CEO Jamie Dimon has publicly opposed stablecoin yields, arguing that if crypto companies pay rewards to dollar-pegged tokens without the same level of regulation as banks, it would create unfair competition. Several U.S. banking lobbying groups have also warned that such arrangements could siphon deposits from traditional banks.
Divide emerges within Wall Street
Solomon's statement has therefore attracted particular attention. Compared to the more cautious or even opposed stance of the banking industry as a whole, Goldman Sachs' decision to support the bill's continued advancement indicates a lack of consensus within Wall Street regarding the cryptocurrency regulatory framework.
According to the report, Solomon believes that a clearer market structure would help improve stability and could also attract more institutional participation in the crypto market. This aligns with Goldman Sachs's continued focus on institutional-grade digital asset business in recent years.
The outlook for the Senate vote remains unclear.
Republican senators have already circulated the updated text of the bill. The new version retains the core of the market structure framework while adding ethical provisions regarding official conduct. However, Democrats believe these new restrictions are insufficient to address the concerns raised by President Trump regarding his crypto business dealings.
With the controversies surrounding stablecoin yields and constraints on official interests remaining unresolved, it remains uncertain whether the bill will reach a Senate vote before the August recess. For the crypto industry, the progress of this bill will continue to influence the boundaries of US market regulation and expectations of institutional participation.
