Goldman Sachs CEO Backs CLARITY Act Ahead of Possible Senate Vote
The CLARITY Act is designed to divide oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission, giving exchanges, token issuers and investors clearer rules. The House passed its version on July 17, 2025, by 294-134. Senate negotiations have since centered on stablecoin rewards, investor protections and ethics restrictions for public officials, making the measure a test of whether Washington can create a durable market structure without favoring banks or crypto companies.
Goldman Sachs CEO David Solomon on July 23, 2026, backed moving the bill forward, calling it “not perfect” but saying it could create a level playing field, bolster market stability and support innovation. Senate Republicans released revised text on July 22 ahead of a possible vote the following week, though leaders had not scheduled one as of July 23 and would need 60 votes to advance it. Solomon’s stance contrasts with JPMorgan Chase CEO Jamie Dimon, who in May opposed provisions allowing crypto firms to offer yield on stablecoins without bank-like safeguards.
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The history behind this eventU.S. Banking Groups Seek Changes to CLARITY Act Stablecoin Yield Provisions
As the United States advances the Digital Asset Market Clarity Act, or CLARITY Act, to regulate stablecoins, the boundary between traditional finance and cryptocurrency is being redrawn. Banks fear that if the bill allows issuers to offer interest or yield indirectly, payment stablecoins would effectively become substitutes for deposits. That would threaten traditional banks' funding sources and could weaken the banking system's lending capacity, prompting strong resistance and calls for amendments from the traditional financial sector.
On July 13, 2026, the American Bankers Association, the Independent Community Bankers of America and other groups sent a joint letter to Senate leaders seeking revisions to ambiguous stablecoin yield language in Section 404 of the bill. The ICBA warned that failure to close the loophole could drain as much as $1.3 trillion in bank deposits and reduce lending capacity by $850 billion. The bill passed a Senate committee in May, with a hearing scheduled for July 17.
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