Goldman Sachs CEO David Solomon has become one of the latest high-profile Wall Street figures to back the Digital Asset Market Clarity Act, arguing that the legislation would provide the regulatory certainty needed for the U.S. crypto industry to grow while creating a more stable and competitive market.
His endorsement comes as Republican senators prepare to advance updated text of the bill, even as major banking groups continue to oppose several of its provisions.
Solomon acknowledged that the legislation is not flawless but said it represents meaningful progress for the digital asset industry.
He added that he is "very supportive" of moving the bill forward to establish a clear market structure and accelerate innovation.
According to Solomon, the legislation would allow more regulated financial institutions to participate in blockchain-based markets, opening the door for traditional firms that have largely remained on the sidelines due to regulatory uncertainty.
Meanwhile, organizations including the American Bankers Association, Bank Policy Institute and Consumer Bankers Association recently warned lawmakers that the bill's stablecoin framework could weaken traditional bank deposits and reduce local lending.
Solomon declined to criticize other banking executives. He has stressed that Goldman Sachs supports "one system where everybody can participate" and views the legislation as an important first step rather than a final regulatory solution.
Crypto industry welcomes Goldman CEO's endorsement
The crypto community quickly welcomed Solomon's remarks.
Coinbase Chief Legal Officer Paul Grewal responded on X with a brief endorsement, writing, "He's right."
Several users described the Goldman chief's comments as another signal that momentum behind the legislation is growing, with some asking whether Wall Street's support indicates the bill is approaching a breakthrough.
Senate timeline remains uncertain despite growing optimism
The latest developments indicate that expectations for the Clarity Act are rising, although its immediate future remains uncertain.
Volmex Labs CEO Cole Kennelly recently said options market data points to increasing expectations that lawmakers could make progress on the legislation in the coming weeks.
Meanwhile, Digital Chamber CEO Cody Carbone discussed the bill's prospects on Fox Business as Senate leaders weigh whether to bring it to the floor before the August recess.
However, Senate Majority Leader John Thune tempered expectations, telling reporters that the Clarity Act is unlikely to pass before lawmakers leave for August. While he said he hopes to at least begin Senate consideration of the legislation, he acknowledged that the outcome will ultimately depend on securing enough votes.
