Solomon urges strict US crypto rules as CLARITY Act momentum builds.
Summary
- Solomon says crypto must operate under a clear us rule-based framework, rejecting a “no rules” approach and citing el salvador as outlier.
- Senator Moreno targets april for passing the clarity act, arguing Republicans keep congress and dismissing democrat takeover risks.
- Ripple’s Garlinghouse puts odds near 80% that the market structure bill is signed by end of april once stablecoin reward disputes ease.
Goldman Sachs CEO David Solomon called for the United States to establish a clearly defined, rules-based framework governing crypto market operations during remarks at the World Liberty Forum in Mar-a-Lago on Wednesday.
Speaking in an interview with CNBC, Solomon stated that lawmakers should take a long-term view when shaping crypto legislation. The banking executive said the US banking system must function alongside emerging technologies rather than be displaced by them.
Solomon rejected the notion that cryptocurrency can thrive without regulatory oversight. “If there are people who think we are going to operate in this environment without rules, they are probably wrong, and they should move to El Salvador,” Solomon said, according to CNBC.
The CEO indicated Goldman Sachs maintains active involvement in digital asset-related areas, including digitization and tokenization. However, he noted that digital assets represent a relatively small portion of the firm’s overall operations.
Solomon’s comments came amid ongoing debate in Washington over proposed crypto market structure legislation, commonly referred to as the CLARITY Act. Senator Bernie Moreno acknowledged earlier Wednesday that he retains concerns about the bill, but expressed optimism that Congress could pass the measure by April, according to reports.
Moreno dismissed concerns that potential Democratic gains in November’s midterm elections could jeopardize the legislation. The senator predicted Republicans would maintain control of both chambers of Congress.
Ripple CEO Brad Garlinghouse suggested on Tuesday that the CLARITY Act could advance quickly toward passage once disputes over stablecoin rewards between banking and crypto sectors are resolved. Garlinghouse estimated an 80% probability the market structure bill will be signed into law by the end of April, according to his public statements.