Solomon Backs Federal Crypto Framework

Goldman Sachs Chairman and CEO David Solomon has endorsed the CLARITY Act, adding the support of a major Wall Street institution as senators debate the future of U.S. digital asset regulation, according to Politico.

Solomon was quoted as saying:

“I’m very supportive of moving the Clarity Act forward, so we can get some market structure in place and start to move the innovation process along.”

The Goldman Sachs executive acknowledged that the legislation is imperfect but argued that it would create a level playing field, improve market stability, and allow digital asset markets to develop within a clearer federal framework. He said regulated institutions that have remained on the sidelines would be able to participate more actively.

His position differs from that of some major consumer and commercial banking organizations. Those organizations object to provisions that could allow crypto platforms to offer yield-based rewards to customers holding dollar-pegged stablecoins. Banking groups argue that those rewards could pull deposits away from traditional institutions, leaving banks with less funding for mortgages, small-business credit, and other lending.

The American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum, Independent Community Bankers of America and National Bankers Association have issued similar warnings. Goldman, an investment bank that is less dependent on consumer deposits, has placed greater emphasis on provisions enabling regulated institutions to use blockchain technology and digital assets.

Latest Draft Deepens Senate Divide

The House previously passed the CLARITY Act, while the Senate Banking Committee advanced its version in May. Republican senators circulated new language on July 22 as congressional leaders considered bringing the legislation to the Senate floor.

The latest Senate CLARITY Act text reflects negotiations with lawmakers, regulators, law enforcement agencies, financial institutions, consumer advocates and crypto companies. It would establish federal rules for digital asset intermediaries and clarify responsibilities divided between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

Its path remains uncertain. Senate opponents say the bill still lacks strong ethics safeguards for elected officials and their families. A July 22 Senate Banking Committee minority analysis cited conflicts of interest, stablecoin rewards, illicit finance, and law enforcement authority as unresolved issues.

Goldman Expands Its Crypto Business

Solomon’s endorsement carries added weight because Goldman Sachs oversaw $4.04 trillion in assets under supervision at the end of the second quarter of 2026, up $391 billion during the quarter.

The firm has also expanded its crypto business, working with Apex Group and Archax on an institutional tokenized real estate fund built on its blockchain-based digital asset platform.

Goldman Sachs Asset Management has also filed to launch a bitcoin premium income ETF that seeks income and potential capital appreciation through a bitcoin-linked covered-call strategy. The filing comes as competition in the segment intensifies after Blackrock launched a bitcoin income ETF ahead of Goldman, underscoring why major financial institutions are pushing for clearer federal rules.