Goldman Sachs CEO David Solomon has publicly backed the Clarity Act, breaking with Wall Street peers like JPMorgan’s Jamie Dimon to support crypto market structure legislation that could finally give digital assets a permanent legal foundation in the United States — even as the bill’s window to pass before Congress’ summer break is rapidly closing.
By Maria Rodriguez | July 25, 2026
The Hook: A Wall Street Split on Crypto’s Future
In an interview with Politico, Solomon threw his weight behind the Digital Asset Market Clarity Act, legislation that would define the respective roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing cryptocurrencies. The bill is the crypto industry’s top policy priority in Washington.
“The CLARITY Act — like all legislation — is not perfect. And there are lots of things that you could debate and argue about,” Solomon told Politico. “But I think one of the most important things that it does is that it creates a level playing field to enhance market stability and allow these markets to develop appropriately.”
“I’m very supportive of moving the CLARITY Act forward, so we can get some market structure in place and start to move the innovation process along,” he added.
That endorsement is a direct contradiction of the stance taken by JPMorgan Chase CEO Jamie Dimon, who has emerged as one of the bill’s most vocal critics. The split between two of Wall Street’s most powerful bankers underscores a fundamental disagreement about whether crypto firms should be allowed to operate under different rules than traditional banks.
The Core Conflict: Stablecoin Yields and Bank Deposits
At the heart of the Wall Street fight is a specific provision in the Clarity Act that would allow crypto companies to offer yield-bearing stablecoins — digital tokens that function similarly to bank deposits but operate outside the traditional banking regulatory framework.
Dimon, speaking to Fox Business in May, made his position clear: “It allows them to effectively pay interest on deposits, stablecoins or something like that, without protection that they should have.” He warned bluntly: “The banks will not accept it that way. I’m not worried about stablecoins but if it happened I’m telling you I will have nothing to do with it and it will eventually blow up.”
JPMorgan expanded on this position in a blog post published in June, arguing that firms offering products that function like traditional bank accounts should face comparable oversight and consumer protections. In other words, if it walks like a bank and talks like a bank, regulate it like a bank.
On the other side, Coinbase CEO Brian Armstrong has argued that banks are lobbying to restrict stablecoin rewards precisely because they threaten the deposit-based business model that generates billions in profits for traditional banks every year. Banks earn significant revenue from holding customer deposits and paying little to no interest; if crypto platforms can offer yield-bearing stablecoins, that revenue stream is directly threatened.
Think of it like this: imagine if a new type of savings account appeared that paid 5% interest while your traditional bank paid 0.1%. Banks wouldn’t want that competition. That’s essentially what this fight is about — except the new savings accounts are blockchain-based stablecoins, and the fight is happening in the halls of Congress.
The Clock Is Ticking: Summer Break Looms
Even as Wall Street titans debate the merits, time is running out. Senate Majority Leader John Thune told reporters that the Clarity Act is unlikely to reach a final vote before the Senate’s long summer recess, which typically begins in August. The industry had targeted August 7 as the deadline for passage if the bill were to have a realistic chance of becoming law in 2026.
“I would like to at least get Clarity started,” Thune said, suggesting the Senate floor process could begin before the break even if a final vote slips. “We’ll see where the votes are.”
Getting the process started before the recess could keep the bill alive for a September vote, though midterm election politics will compete for attention. The House and Senate return for roughly three weeks in September before campaign season takes over entirely.
White House crypto adviser Patrick Witt pushed back on Thune’s assessment, telling CoinDesk he remains “slightly more optimistic” about the first week of August. “There’s that first week of August that the Senate is in session,” Witt said. “So I wouldn’t count it out.”
The Senate’s next immediate priority, according to Thune’s staff, will be bipartisan legislation to impose sanctions on Russian leadership and tariffs on trading partners — a bill championed by the late Senator Lindsey Graham. Graham’s funeral is also expected to occupy senators’ time mid-week.
The Ethics Problem: Trump’s Crypto Empire
Beyond the stablecoin yield fight, the Clarity Act faces another major obstacle: a contentious debate over government ethics provisions that would limit senior officials — most notably President Donald Trump — from profiting off their own crypto businesses.
A new working draft of the bill circulated by Republican senators this week would impose restrictions on Trump’s crypto dealings. While the White House has urged Senate Democrats to accept the concessions as a victory, key Democratic lawmakers say the ethics provisions still “fall short.” Senator Cynthia Lummis, a Wyoming Republican and lead negotiator, told CoinDesk that the most contentious sections remain open for revision.
This political fight matters for investors because the Clarity Act isn’t just about Washington procedure. If passed, it would determine which federal agency regulates which digital assets — a question that has created massive uncertainty for crypto companies, investors, and exchanges operating in the United States. That uncertainty has been cited repeatedly as a reason institutional capital has been slow to enter the crypto market.
What This Means for You
The Clarity Act is the most consequential piece of crypto legislation currently before Congress. If it passes, it would:
- Clarify which agency regulates what — ending years of jurisdictional confusion between the SEC and CFTC that has left crypto companies guessing about which rules apply to them
- Potentially unlock institutional investment — Goldman Sachs’ support signals that major financial institutions are ready to engage with crypto once clear rules exist
- Shape the stablecoin market — the fight over whether crypto firms can offer yield-bearing tokens will determine whether products that compete with bank deposits become mainstream
- Set precedent globally — as the EU’s MiCA framework and the UK’s new 400-page crypto rulebook show, major economies are racing to establish crypto regulations. U.S. action — or inaction — will influence the global approach
The contrast between Goldman Sachs and JPMorgan captures the broader tension perfectly. One sees regulatory clarity as the key to unlocking innovation. The other sees the same rules as creating an uneven playing field that lets crypto companies eat into banking profits. How Congress resolves that tension — and whether it can do so before the clock runs out — will shape the crypto landscape for years to come.
For now, markets remain subdued as the regulatory overhang persists. The uncertainty is reflected in prices, with major cryptocurrencies trading modestly lower amid the wait-and-see mood.
The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.
goldman supporting crypto regulation while jamie dimon still calls bitcoin a fraud. the split is getting real
solomon specifically called out the SEC vs CFTC jurisdiction split which is the core issue. guy actually understands the policy
summer recess is coming fast. if this does not pass before August it is dead until fall at minimum
Helena W. fall session means October at earliest. crypto bills that miss summer recess have a roughly 15% pass rate according to Coin Center tracking. not looking good
Goldman backing anything crypto related used to be unthinkable. clock is ticking on that bill though
Goldman backing CLARITY Act while Dimon opposes it. this is not principle, Goldman figured out which side makes them more money. they want custodian and clearing fees
lobby_watch_ Goldman wants clearing and custodian fees from the CLARITY Act, simple as. they ran a cost benefit analysis and crypto infrastructure won. this is not ideological
Goldman ran the numbers and custody plus clearing fees under CLARITY beat their current crypto-adjacent revenue. Solomon isnt ideological, hes chasing the fee structure that traditional prime brokerage already gives them on equities
Dimon saying stablecoins will eventually blow up is hilarious from the guy whose bank paid 13B in fines since 2000. pot calling the kettle black
yield bearing stablecoins functioning like bank deposits without banking protections is actually a real concern. Dimon is wrong on most crypto stuff but he has a point on this specific issue
summer recess deadline means what, maybe 2 weeks? if this doesnt pass before August its dead until fall session. crypto bills die in committee purgatory more often than not
fall session means the bill gets bundled into year-end omnibus packages where random amendments get attached. crypto bills that miss summer recess either pass as riders or die. 15% odds feels generous honestly
Goldman backing CLARITY while JPMorgan opposes it is peak Wall Street. they ran the numbers on custody fees vs retail deposits and picked the side that pays more
Solomon backing CLARITY while Dimon opposes it tells you everything. Goldman ran the numbers on custody fees and won. this isnt about crypto beliefs
Sebastiaan D. exactly. Goldman wants clearing and prime brokerage revenue from digital assets. Dimon wants to protect JPM’s deposit franchise. both are following the money
15% pass rate for crypto bills after missing summer recess. might as well call it dead and revisit in 2027
Goldman backing CLARITY while Dimon opposes it is the most predictable Wall Street split ever. custody fees vs deposit franchises
k_st_capitol_ Solomon ran the math on prime brokerage for digital assets and liked the numbers. Dimon needs retail deposits sticky. neither is ideological
two banks following their revenue lines is how every bill gets decided. the actual surprise would have been dimon backing custody rules that cannibalize his deposit franchise
15 percent pass rate for crypto bills after missing summer recess. might as well table this until 2027
even the 15 percent number flatters it, half those passes were riders stapled to must pass vehicles. standalone market structure after a missed recess is closer to lottery odds
2027 assumes midterms change something. crypto bills have died in committee with both parties holding the gavel, the calendar isnt the actual problem
solomon zeroing in on the SEC CFTC split is the tell. goldman already runs CFTC cleared derivatives desks, routing digital assets the same way means their existing back office just works
exactly. goldman already runs swap desks under the CFTC, routing digital assets the same way is just paperwork to them
15 percent standalone pass rate and an august deadline that already slipped twice. see this bill again in december stapled to an omnibus with a rider nobody read