Goldman Backs Clarity Act as Democrats Says It 'Falls Short' and Warren Says 'Dead on Arrival'

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Republicans released a revised Crypto Clarity Act draft Wednesday, drawing immediate support from Goldman Sachs CEO David Solomon and rejection from Senate Democrats who called it "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. Don't Miss: A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why Still Learning the Market?

These 50 Must-Know Terms Can Help You Catch Up Fast "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 have 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. Trending: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time Senator Cory Booker (D-NJ) called it "a Republican text" and said the only path forward is bipartisan.

The statement was signed by 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), and Raphael Warnock (D-GA). However, Senator Kirsten Gillibrand (D-NY), a key negotiator, was not included. Senator Elizabeth Warren (D-MA) went further on X, calling the bill "dead on arrival" and saying 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. Story Continues Senator Cynthia Lummis (R-WY) pushed back, saying the bill is "legitimate" and argued Trump has agreed to implement ethics standards that ban all federal officials, including himself, from certain crypto activity. See Also: Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier.

Who Else Is Pushing For Passage Coinbase CEO Brian Armstrong said on X 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, with a coalition of bank trade groups warning Wednesday that the latest draft still puts local lending at risk through its treatment of crypto rewards programs.

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