Solomon Backs CLARITY Act Amid Banking Lobby Opposition
Goldman Sachs CEO David Solomon has broken ranks with the broader banking lobby by publicly endorsing the revised Digital Asset Market Clarity Act, known as the CLARITY Act.
In a Politico interview published July 26, Solomon stated he is 'very supportive of moving the Clarity Act forward' despite acknowledging its imperfections.
The contrast with JPMorgan CEO Jamie Dimon is stark. Dimon told Fox Business in May that the bill would allow crypto companies to effectively pay interest on deposits without the same regulatory protections banks face, and stated he would have nothing to do with it.
A coalition of bank trade groups reinforced Dimon's position, warning that the latest draft still puts local lending at risk through its treatment of crypto rewards programs.