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

Odaily reported that Goldman Sachs CEO David Solomon stated that although 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 stated that the most significant meaning of the CLARITY Act is "to create a level playing field that allows the market to develop healthily." His stance contrasts sharply with some banking executives, such as JPMorgan CEO Jamie Dimon. The latter believe the bill would allow crypto companies to offer interest-bearing stablecoin products similar to deposits without facing the same regulatory requirements as banks, potentially undermining the competitiveness of traditional banks.

Currently, Republican senators in the United States have released an amended version 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. Negotiations will continue on provisions related to stablecoin issuance, consumer protection, and yield-bearing stablecoins. (CoinDesk)