Goldman Sachs CEO David Solomon backs the Crypto Clarity Act, diverging from JPMorgan and banking groups over stablecoin yield provisions.
DeFi & Yields ·
Goldman Sachs CEO David Solomon has publicly expressed support for the Crypto Clarity Act, marking a notable divergence from industry peers. His backing contrasts sharply with opposition from JPMorgan Chase CEO Jamie Dimon and major banking trade groups, who have mounted sustained resistance to the bill's stablecoin-yield language.
The disagreement centers on provisions addressing rewards paid on stablecoin balances. Crypto platforms such as Coinbase have long offered annual percentage yields between 3 and 5 percent on tokens like USDC, rates substantially above traditional bank savings products. Banks and their Washington representatives argue these incentives create an unequal competitive advantage and risk diverting deposits from regulated lenders. A coalition of top banking associations warned in May that proposed compromises still contained loopholes enabling avoidance of the intended restrictions.
Solomon framed his position around market development and institutional adoption, characterizing the Clarity Act as imperfect but valuable for establishing regulatory clarity and a level playing field. The bill's Senate trajectory remains uncertain, with Republicans circulating updated text that preserves the market-structure framework while incorporating contested ethics provisions. A floor vote before the August recess was being targeted, though passage timing and final language on stablecoin yield remain unresolved.