Goldman Sachs splits from banking lobby over the CLARITY Act

Goldman Sachs CEO David Solomon has backed the CLARITY Act even as seven Senate Democrats oppose its latest draft and banking groups fight its stablecoin reward rules. Summary David Solomon supports advancing the CLARITY Act despite banking groups’ stablecoin reward concerns. Seven Senate Democrats oppose the latest draft over ethics and consumer protection provisions. Republicans still need Democratic votes to clear the Senate’s 60-vote threshold. Politico reported that Solomon was “very supportive” of moving the bill forward so the United States could establish a crypto market structure and advance digital asset development. Although he acknowledged that the proposal was imperfect and open to debate, the Goldman chief argued that passing a framework remained more important than resolving every disagreement first. Solomon told the publication that the legislation could create a level playing field, strengthen market stability and let digital asset markets develop under clearer rules. His endorsement places the head of one of Wall Street’s largest banks alongside crypto executives who have urged Congress to complete the bill, even as banking trade groups seek tighter limits on stab...