Goldman Sachs Backs CLARITY Act as Crypto Industry Divided Over Trump Involvement

The revised CLARITY Act is causing divisions across Wall Street and the crypto industry as lawmakers struggle to build support for a Senate vote.

Senate Republicans have released a new draft that would bar the president and other federal officials from issuing or sponsoring digital assets, but this has drawn sharply different reactions from influential figures in finance and crypto.

Goldman Sachs Chief Executive David Solomon reportedly urged Congress to advance the sweeping market-structure bill despite disagreements within the banking industry over provisions that could intensify competition for deposits.

Solomon's support suggests Goldman Sachs is willing to tolerate unresolved disputes over stablecoin rewards to secure a broader federal framework for crypto markets. Meanwhile, Cardano founder Charles Hoskinson has sided with Sen. Elizabeth Warren on one of the bill’s most contentious issues, arguing that President Donald Trump should stay out of crypto markets while in office.

The contrasting positions underline the complicated coalition surrounding CLARITY as senators seek compromises on stablecoin rewards, government ethics and financial regulation.