Why Goldman Sachs Backs the Clarity Act While Other Banks See Risks

• Goldman Sachs CEO David Solomon publicly endorsed the Clarity Act bill.
• JPMorgan and banking trade groups oppose the bill over deposit risks.
• The Clarity Act splits crypto oversight between the SEC and CFTC.

Goldman Sachs CEO David Solomon has publicly endorsed the Clarity Act, the U.S. bill that would set the first comprehensive federal rulebook for crypto markets.

His support comes as lawmakers move toward a possible floor vote next week and as Wall Street remains divided over how the legislation could reshape digital finance.

Goldman Sachs Supports Clarity Act

In an interview with Politico published Thursday, Solomon backed the CLARITY Act, saying that the U.S. digital asset industry needs clear and consistent rules. 

While acknowledging that the bill is not perfect, he argued that establishing a regulatory framework is better than allowing the market to operate under uncertainty.

Solomon has said digital assets should not develop in a “regulatory vacuum,” arguing that clear oversight is needed to support market integrity, investor protection, and long-term confidence. 

The Clarity Act would define how digital assets are regulated by dividing oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), addressing years of uncertainty over regulatory authority.

Why Goldman Supports the Bill

Analysts say the divide between Goldman Sachs and other major banks reflects different business models.

Goldman relies more heavily on trading, asset management, and capital markets than on traditional deposits. As tokenized assets and stablecoins expand, the bank could benefit from new opportunities in trading, custody, and financial infrastructure. 

Banks with larger deposit businesses, meanwhile, face greater risks if stablecoins become an alternative to traditional bank accounts.

Besides that, many Wall Street firms are not opposed to digital assets themselves—they are opposed to regulatory uncertainty. 

Analysts say Goldman views the Clarity Act as a foundation that could allow institutions to expand digital asset products, including tokenized securities and other real-world assets, with lower legal and compliance risks.

The Banking Industry’s Main Concern: Stablecoins and Deposits

The debate is different for deposit-heavy banks. 

JPMorgan Chase CEO Jamie Dimon has criticized parts of the bill, arguing that stablecoin issuers could offer rewards similar to interest without facing the same deposit insurance and capital requirements as banks.

Six U.S. banking trade groups, including the American Bankers Association, made the same point in a joint statement, warning the rules could pull deposits away from banks and weaken local lending.

The Clarity Act’s opponents also include the U.S. Hispanic Chamber of Commerce, which raised similar deposit-flight concerns in a July 21 letter to Senate leadership.

Why This Matters

The debate extends beyond Wall Street. Dollar-backed stablecoins are already widely used for cross-border payments, remittances, and savings in countries with weaker currencies. U.S. rules could influence how the global digital dollar market develops.

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