Goldman Sachs breaks ranks with banking lobby on CLARITY Act

Solomon’s endorsement aligns him with crypto industry leaders like Ripple’s Brad Garlinghouse and Coinbase’s Brian Armstrong, who have pressured Congress to finalize the bill before the upcoming August recess. The Goldman chief acknowledged that the proposal remains imperfect, yet he insists that creating a level playing field and ensuring market stability is a priority that should not be sidelined by ongoing disagreements over stablecoin rewards.

This position puts him at odds with prominent peers such as JPMorgan CEO Jamie Dimon, who remains a vocal critic of the bill. Banking associations contend that the current Republican draft, which allows crypto firms to offer rewards tied to customer activity, creates an unfair competitive advantage that threatens the liquidity of community banks. The United States Hispanic Chamber of Commerce has echoed these concerns, warning that such deposit shifts could severely restrict credit availability for small businesses.

Legislative momentum is currently stalled as Republicans struggle to secure the 60 votes required to clear the Senate. A coalition of seven Democratic senators—including Mark Warner and Raphael Warnock—has rejected the current text, citing insufficient safeguards regarding ethics, illicit finance, and consumer protection. Despite a compromise involving President Donald Trump and a revised ethics provision, Democratic skepticism remains high. Senator Angela Alsobrooks recently labeled the proposed enforcement structure “unserious,” further dimming the prospects for a swift passage as the bill’s estimated approval odds continue to decline.