Goldman Sachs Expresses Support for CLARITY Act, Claims It Will Establish a Fair Regulatory Framework for the Crypto Market

Odaily Planet Daily News Goldman Sachs Group CEO David Solomon stated that although the CLARITY Act is not perfect, he supports promoting its enactment, believing it will establish a clearer and fairer regulatory framework for the digital asset market, enhance market stability, and foster innovative development.

Solomon said the most significant meaning of the CLARITY Act lies in "creating a level playing field that allows the market to develop healthily." His stance stands in stark contrast to some banking executives like JPMorgan Chase CEO Jamie Dimon, who believe the Act allows crypto companies to offer stablecoin products similar to interest-bearing deposits without bearing the same regulatory requirements as banks, potentially weakening the competitiveness of traditional banks.

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