Goldman Sachs CEO David Solomon has thrown his weight behind the Clarity Act, the Senate's crypto market-structure bill, placing the investment banking giant directly at odds with rivals like JPMorgan Chase. Solomon's endorsement arrived the same week Senate Republicans began circulating updated bill text ahead of a potential floor vote. The split exposes a growing fault line on Wall Street over how , or whether , to regulate digital assets.

Solomon voiced his support for the Clarity Act in a Wednesday interview with Politico. "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 said. He described the bill as imperfect but argued its primary value lies in establishing "a level playing field to enhance market stability and allow these markets to develop appropriately.

The endorsement comes as Senate Republicans circulate new draft language this week, with Majority Leader John Thune targeting a vote before the August recess.

The core dispute centers on a provision governing stablecoin yield , the rewards crypto platforms can pay users holding dollar-pegged tokens. Commercial banks and community lenders warn the language would pull deposits out of federally insured accounts, draining capital available for local lending. Six of the largest banking trade groups, led by the American Bankers Association, published a joint statement Wednesday calling the provision a threat to "the local lending that drives economic activity in the U.S.

JPMorgan Chase CEO Jamie Dimon has been the most vocal opponent. In May, he declared war on the bill and publicly confronted Coinbase CEO Brian Armstrong over the industry's lobbying efforts.