Goldman Sachs Endorses CLARITY Act, Stating It Will Establish a Fair Regulatory Framework for the Crypto Market

Odaily Odaily reports that Goldman Sachs Group CEO David Solomon stated that while the CLARITY Act is not perfect, he supports its advancement, believing it will establish a clearer and fairer regulatory framework for the digital asset market, enhance market stability, and promote innovation.

Solomon said the most significant implication of the CLARITY Act is "creating a level playing field, allowing the market to develop healthily." This stance contrasts sharply with that of some banking executives, such as JPMorgan CEO Jamie Dimon. They argue that the bill, by allowing crypto companies to offer stablecoin products similar to interest-bearing deposits without assuming the same regulatory requirements as banks, could weaken the competitiveness of traditional banks.

Currently, Republican senators in the U.S. have released a revised text of the CLARITY Act, which could be submitted to the Senate for a vote as early as next week. The bill aims to clarify the division of responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating digital assets, and will continue negotiations on terms related to stablecoin issuance, consumer protection, and yield-bearing stablecoins. (CoinDesk)