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Goldman Sachs CEO backs crypto market structure bill

Goldman Sachs CEO backs crypto market structure bill

Goldman Sachs' David Solomon and Patrick Witt said the CLARITY Act would create a clearer U.S. framework for crypto while adding obligations on the industry, as ethics disputes tied to Trump's crypto profits remain a major hurdle in the Senate.

Fact Check
Multiple independent, credible outlets confirm the claim. Politico and CoinDesk (both dated 07/23/2026) report that Goldman Sachs CEO David Solomon backed the CLARITY Act as creating a clearer/more stable U.S. regulatory framework, while Cryptopolitan confirms Senate delays have weakened its 2026 path (odds falling to ~38%). Patrick Witt is confirmed as executive director of the White House Crypto Council connected to this legislative push. The framing that the bill would add obligations on the industry (e.g., stablecoin provisions opposed by banks) is consistent across sources.
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Summary

Goldman Sachs Chairman and CEO David Solomon said he supports moving the Digital Asset Market Clarity Act forward, calling it an imperfect but useful way to create U.S. crypto market structure, enhance stability and support innovation. Patrick Witt also defended the CLARITY Act, saying it would impose added burdens and responsibilities on crypto companies and is "not a giveaway" to the industry. The bill would bring most crypto activity into a U.S. legal framework, classify most tokens as non-securities rather than securities, include protections for developers of decentralized software and address whether crypto platforms can pay interest on stablecoin holdings. Its prospects this year have dimmed after Senate Majority Leader John Thune said it will not pass before Congress begins its summer recess, and Bloomberg reported that about $1.4 billion in profits Trump earned through crypto ventures has become the biggest obstacle to breaking the impasse. Senate Republicans released a draft this week, but Democrats and consumer advocates said its ethics provisions remain too weak because enforcement would rest only with the Justice Department, indirect holdings are only partly limited, officials' children are not restricted and the measures would expire on January 20, 2029.

Terms & Concepts
  • CLARITY Act: A proposed U.S. crypto market structure bill intended to establish a legal framework for digital-asset activity.
  • stablecoin: A token designed to maintain a fixed value, often pegged to the dollar.
  • decentralized software: Applications or protocols that operate across distributed networks rather than through a single central operator.