Goldman Sachs CEO strongly supports the U.S. Clarity Act; JPMorgan criticizes the stablecoin provisions: they will explode sooner or later

The U.S. crypto regulatory bill《Clarity Act》sparks divisions of opinion on Wall Street! According to CoinDesk, Goldman Sachs CEO David Solomon has voiced support for pushing the bill forward, saying it would help establish a fair competitive market environment. This stands in stark contrast to traditional banking giants led by JPMorgan CEO Jamie Dimon, who have strongly opposed the “yield-bearing stablecoin” provisions.
（Backgrounder: Trump loosens “ethics provisions,” and the crypto bill CLARITY Act sprints to a Senate vote）
（Additional context: Clarity Act stalls in the Senate! Moral provisions are deadlocked, the Trump White House closed-door meeting remains unconfirmed, and the recess countdown triggers timing pressure）

As the U.S. Senate is about to hold a key vote on a bill governing the crypto market structure, top financial institutions on Wall Street have shown a rare split in opinion. According to CoinDesk, Goldman Sachs CEO David Solomon recently, during an interview, clearly expressed his support for the《Clarity Act》（Digital Asset Markets Clarity Act）, injecting new momentum into long-delayed crypto legislation.

Goldman backs crypto bill: building a fair competitive environment

In an interview with Politico, Solomon admitted that while the《Clarity Act》is not perfect and many parts of the provisions remain open to debate, he emphasized that the bill can create a “level playing field.” He believes it can not only improve market stability, but also provide digital asset markets with appropriate room to develop. “I strongly support moving the bill forward, so that we can build market structure and start the innovation process,” Solomon said.

These comments also echo Solomon’s stance earlier this year. He has repeatedly criticized that excessive regulation would impose enormous economic costs, and called for regulation to be “thoughtful and done right.” It is understood that Republican senators have currently circulated the latest updated text of the bill, aiming to establish a clear regulatory framework for digital assets, with a full Senate vote possibly as soon as next week.

JPMorgan strongly opposes: yield-bearing stablecoins threaten banks

However, Solomon’s optimistic support sharply contrasts with other Wall Street giants led by JPMorgan. The crux of the controversy centers on a key provision in the bill that allows crypto companies to issue “yield-bearing stablecoins.”

JPMorgan CEO Jamie Dimon previously criticized the provision harshly. He said it allows crypto firms to effectively pay deposit interest without being subject to the same level of oversight and consumer protections as traditional banks, putting traditional banks at a competitive disadvantage. Dimon warned that the banking industry would absolutely not accept this kind of unfair competition, and even predicted that this regulatory loophole “will eventually explode.” In an article published in June, JPMorgan also reiterated that companies offering products similar to traditional bank accounts should face comparable oversight; legislation should fill the regulatory gap, not create new loopholes.

In response to the backlash from Wall Street, Coinbase CEO Brian Armstrong fired back, saying that banks actively lobbying to limit stablecoin yields is, in essence, only because this innovative product has already effectively threatened traditional banks’ core deposit business model. Whether the《Clarity Act》can pass smoothly amid intense power struggles between Wall Street and the crypto industry will be the focus of global macroeconomics and crypto markets over the next few weeks.