Goldman Sachs CEO throws support behind the Clarity Act, differing from mainstream Wall Street views

Deep Tide TechFlow update: On July 24, according to Decrypt, Goldman Sachs chairman and CEO David Solomon publicly expressed support for the crypto market structure bill (Clarity Act), saying it helps to “build a level playing field, improve market stability, and drive innovation.” This move clearly contradicts the position of JPMorgan Chase CEO Jamie Dimon and several banking industry associations—who strongly oppose the bill’s provisions that allow stablecoins to generate yield, arguing that doing so would draw away traditional bank deposits.

At present, Senate Republicans are circulating the latest draft of the bill, which adds ethical provisions that would restrict the president and his family from participating in crypto businesses; however, the restriction expires in 2029 and does not apply to Trump’s son, drawing criticism from Democrats that the bill’s restrictions are not strong enough. Whether the bill can be completed for a Senate vote before the August recess remains unclear.