David Solomon, chief executive of Goldman Sachs, has expressed support for the Digital Asset Market Clarity Act now under consideration in the US Senate. He described the legislation as imperfect yet necessary to establish a consistent regulatory framework that supports market stability and the orderly development of digital asset markets.

Republican senators released the bill text on Wednesday. A vote is expected in the near term, although Senate leaders had not set a date as of Thursday. The measure would require bipartisan backing to reach the 60-vote threshold for passage.

Solomon’s position distinguishes him among leaders of major traditional financial institutions. Many of his peers have opposed elements of the bill, particularly provisions that would permit crypto firms to offer yields on stablecoins outside the regulatory requirements applied to banks. The head of JPMorgan Chase has previously stated that such arrangements lack the safeguards banks would insist upon.

Ethics language in the draft has drawn criticism from Democrats. They contend the provisions fall short, in part because enforcement would rest with the Justice Department rather than state authorities, and argue the text inadequately addresses potential conflicts linked to presidential crypto holdings. Some have described the overall package as insufficient to protect investors, the financial system and national security, asserting it should not advance.