Goldman Sachs CEO Solomon backs Crypto Clarity Act as Democrats, Warren oppose

By Parshwa Turakhiya Sun, July 26, 2026 at 10:30 AM PDT | 5 min read

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Republicans released a revised Crypto Clarity Act draft on Wednesday, drawing immediate support from Goldman Sachs CEO David Solomon and sharp rejection from Senate Democrats, who called the legislation "dead on arrival."

Goldman's CEO Breaks With Wall Street on the Clarity Act

Solomon told Politico he supports moving the Clarity Act forward despite acknowledging the legislation is not perfect, breaking ranks with other major bank CEOs who oppose key provisions of the bill.

"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," Solomon said.

"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.

His support contrasts directly with JPMorgan CEO Jamie Dimon, who told Fox Business in May that the bill would allow crypto companies to effectively pay interest on deposits without the same regulatory protections banks face.

"The banks will not accept it that way," Dimon said. "I'm telling you I will have nothing to do with it and it will eventually blow up."

Why Democrats Are Calling the New Draft a Republican Text

Seven Senate Democrats who spent months negotiating the bill issued a joint statement Wednesday saying the latest text "falls short" on ethics, consumer protection, illicit finance, conflicts of interest, and market integrity, according to Politico.

Senator Cory Booker (D-NJ) called it "a Republican text" and said the only path forward is bipartisan.

The statement was signed by the following senators:

• Angela Alsobrooks (D-MD)
• Cory Booker (D-NJ)
• Catherine Cortez Masto (D-NV)
• Ruben Gallego (D-AZ)
• John Hickenlooper (D-CO)
• Mark Warner (D-VA)
• Raphael Warnock (D-GA)

Notably, Senator Kirsten Gillibrand (D-NY), a key negotiator, was not included in the statement.

Senator Elizabeth Warren (D-MA) went further on X, calling the bill "dead on arrival" and arguing it does nothing to stop President Donald Trump from profiting further from crypto.

Democrats want state attorneys general to have enforcement power over the ethics language, not just the Justice Department.

Senator Cynthia Lummis (R-WY) pushed back, calling the bill "legitimate" and arguing that Trump has agreed to implement ethics standards that ban all federal officials, including himself, from certain crypto activity.

Who Else Is Pushing for Passage

Coinbase CEO Brian Armstrong said on X that the bill is ready for a full Senate floor vote, calling it a true bipartisan compromise built on thousands of hours of work.

Senator Tim Scott (R-SC) said the bill protects everyday Americans, gives entrepreneurs a fair shot, and strengthens national security by making it harder for criminals and foreign adversaries to exploit the financial system.

The banking lobby remains opposed. A coalition of bank trade groups warned Wednesday that the latest draft still puts local lending at risk through its treatment of crypto rewards programs.

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