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FollowingTLDR
Banking executives continue to express concerns about stablecoins
stablecoins controversy remains the core issue of the bill
Goldman Sachs Group CEO David Solomon publicly supported the CLARITY Act and called for clear rules for the digital asset market. Solomon said the bill will help create a level playing field and support responsible market development. His statement comes as lawmakers prepare to update the text of the bill in preparation for a possible Senate vote.
JPMorgan Chase CEO Jamie Dimon opposed parts of the bill and expressed concerns about interest-bearing stablecoins. Dimon believes that crypto companies offering banking-type products should follow the same regulatory standards as banks. JPMorgan reiterated that similar financial services should be subject to equal regulation and have equal consumer protection measures.
Goldman Sachs CEO David Solomon expressed support for the CLARITY Act, saying it would provide a clearer regulatory framework for the digital asset market. His remarks came as lawmakers discussed the content of the bill in preparation for a possible Senate vote next week.
In an interview with the media, Solomon said: "The CLARITY Act, like other legislation, is not perfect, and there are many aspects that can be discussed and debated. He added that the bill would help "create a level playing field, enhance market stability, and allow these markets to develop in an orderly manner."
Solomon also expressed support for pushing the bill through Congress. "I'm very supportive of advancing the CLARITY Act so we can build market structures and drive the innovation process," he said. "
Banking executives continue to express concerns about stablecoins
Salomon's position is different from that of several other banking executives who have reservations about parts of the bill. Some bank leaders believe that crypto companies may gain regulatory advantages when providing services similar to traditional banking without having to meet the same standards.
JPMorgan Chase CEO Jamie Dimon has publicly criticized parts of the bill. "It effectively allows them to pay interest on products such as deposits or stablecoins without providing the protection they deserve," Dimon said in an interview in May. "He also warned that banks would oppose the bill in its current form. "Banks will not accept this arrangement," Dimon said. I'm not worried about stablecoins, but if that happens, I make it clear that I won't be involved and it will eventually go wrong. "
JPMorgan reiterated similar concerns in a blog post in June. Bank executives believe that companies offering similar bank account services should comply with the same regulatory and consumer protection requirements.
The stablecoin dispute remains the core issue of the bill
The handling of interest-bearing stablecoins remains one of the main issues during the negotiation process of the CLARITY Act. Lawmakers are working on terms related to stablecoin issuers, consumer protection and products that provide rewards to users.
Some people point out that banks are lobbying lawmakers to limit stablecoin rewards because such products compete with traditional deposit businesses. Bank executives continue to argue that companies offering similar financial products should operate under the same rules.
Earlier this year, Solomon also talked about regulatory issues at another event. "When the regulatory system becomes overburdened, it starts to draw capital away," he said. He added that regulation is necessary, but "it has to be done carefully and we have to make sure it is done right."
The CLARITY Act aims to clarify the responsibilities of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission in the field of digital assets. Negotiations on multiple parts of the bill continue before lawmakers decide the bill's next step in Congress.
