Goldman Sachs CEO David Solomon this week endorsed the Clarity Act, the crypto market-structure bill moving through the Senate, calling it an imperfect but valuable step toward a level playing field for regulated institutions. The endorsement landed the same day six of the largest banking trade groups — including the American Bankers Association — published a statement against the bill. With Majority Leader John Thune aiming for a floor vote in the coming week, the legislation's fate before the August recess hangs in the balance.
The banking split
Solomon's support puts Goldman Sachs at odds with much of the banking industry. JPMorgan CEO Jamie Dimon opposes the Clarity Act and has publicly criticized Coinbase CEO Brian Armstrong over the sector's lobbying push. The divide reflects a deeper strategic split: Goldman has disclosed a $1.1 billion position in a spot bitcoin ETF and called the funds an 'astonishing success.' JPMorgan, by contrast, has kept its distance from direct crypto exposure.
Stablecoin yield fight
The main point of contention is a provision governing stablecoin yield. Banks warn it would pull deposits out of insured accounts, fueling deposit flight from smaller lenders. Republican senators John Curtis and John Cornyn have voiced similar concerns about the impact on community banks. The banking trade groups' statement, published the same day as Solomon's endorsement, argued the bill would destabilize the traditional banking system without adequate safeguards.
What's in the bill
The new draft of the Clarity Act includes a provision barring federal officials from issuing digital assets — a measure negotiated between Senators Lummis, Moreno, and the White House. The House passed its version in July 2025, and the Senate Banking Committee advanced its text in a 15-9 vote in May. Senator Cynthia Lummis acknowledged that no single provision will satisfy both opponents and supporters of the president, a nod to the political tightrope the bill walks.
Opposition on both sides
Democrats led by Senator Angela Alsobrooks say the bill falls short on consumer protection, illicit finance, and conflicts of interest — pointing specifically to President Trump's family crypto ventures. The criticism from the left, combined with bank-aligned Republican concerns, means Thune will need to hold together a fragile coalition to get the 60 votes needed to advance. The floor vote in the coming week will be the clearest test yet of whether the Clarity Act can survive the Senate.
