Goldman backs CLARITY Act; stablecoin yield rules still contested

Goldman Sachs CEO David Solomon said the US Senate’s Digital Asset Market Clarity (CLARITY Act) is “not perfect,” but it is needed to create a “level playing field” and improve market stability. A Politico report highlights that Solomon supports moving CLARITY Act forward even as key provisions remain controversial. The biggest dispute is stablecoins. Critics say CLARITY Act could allow crypto firms to pay users interest or yield on stablecoins under rules outside what traditional financial institutions must follow. JPMorgan CEO Jamie Dimon has previously warned that stablecoin interest may lack the protections banks would require. Ethics and enforcement also remain a sticking point. Republican lawmakers released CLARITY Act text with ethics provisions that some Democrats consider insufficient. Elizabeth Warren argued the draft could shield the president’s crypto profits by limiting how the DOJ can hold a Trump-era case accountable, and said investor protection, financial-system safeguards, and national security are not covered well. No Senate vote date is set. Republicans likely need Democratic support to reach 60 votes, so CLARITY Act’s passage odds remain uncertain for now. For traders, Goldman’s endorsement may provide near-term sentiment support, but stablecoin yield and ethics/enforcement disputes keep policy risk elevated.