Goldman Sachs CEO Backs Revised Clarity Act, Urges Senate to Advance It

Goldman Sachs Chief Executive Officer David Solomon expressed support for a revised version of the Clarity Act, a U.S. bill that would establish a market structure for cryptocurrencies.

In an interview with Politico on July 23, Solomon said he strongly supports moving the legislation forward to create market structure and spur innovation.

"The Clarity Act, like every other bill, is not perfect, and there is a lot to debate or improve," Solomon said. "But the most important thing is to increase market stability and create a level playing field so the market can develop appropriately."

His comments came as the Senate may vote on the bill as early as next week. Republicans on July 22 unveiled a revised Clarity Act that added ethics provisions for senior public officials.

Solomon's stance has drawn attention because it contrasts with the position of other large banks, including JPMorgan. In May, JPMorgan CEO Jamie Dimon publicly criticized Coinbase CEO Brian Armstrong over his lobbying campaign to secure passage of the Clarity Act.

Asked about other banks' views, Solomon did not answer directly. He said Goldman Sachs believes there should be a single financial system open to everyone. While additional steps may be needed later, he said, the current bill is a first step in the right direction.

Separately, seven Democratic senators said in a joint statement on July 22 that they could not support the revised Clarity Act. The senators said the Republican proposal was insufficient and that key provisions on ethics for elected officials, consumer protection, conflicts of interest and market integrity should be strengthened.