Goldman Sachs CEO David Solomon has come out in support of the Clarity Act, breaking ranks with much of Wall Street, including JP Morgan’s Jamie Dimon and a coalition of banking trade groups opposed to stablecoin yield provisions. If passed, the bill would formally legalize most cryptocurrency activity in the United States by classifying most crypto assets as non-securities outside SEC jurisdiction. The main point of contention centers on stablecoin yield, which banks want to restrict as they see it as an unfair competitive advantage over traditional savings products, with rewards typically ranging from 3 to 5 percent APY. Republicans circulated updated bill text this week adding contested ethics provisions, leaving the legislation’s path through the Senate uncertain ahead of a hoped-for vote before the August recess.
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