Speaking at the World Liberty Forum in Mar-a-Lago on Wednesday, Goldman Sachs CEO David Solomon called for the U.S. to establish clear, rules-based regulations for crypto markets.
In a CNBC interview, Solomon stressed the need for lawmakers to take a long-term approach to crypto legislation. “As an American, I think it is very important that as we put legislation in place, we get it right for the long term,” he said.
“I believe that to operate markets safely and soundly, we need to have a rules-based system,” he added. Solomon highlighted that the U.S. banking system is unique and should work alongside new technologies, not be replaced by them. He also rejected the idea that crypto can succeed without regulation.
“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, emphasizing that structure and oversight are essential.
At the same time, Solomon noted that Goldman Sachs is actively engaged with digital assets. He described himself as “super-interested in” crypto-related business and said the firm is involved in areas like digitization and tokenization.
“We obviously are doing a bunch of things around digitization and tokenization,” he said. “We touch all that stuff.” However, he cautioned that digital assets still represent a relatively small part of Goldman’s overall business.
Solomon’s remarks come as debate heats up in Washington over the anticipated crypto market structure bill, often called the CLARITY Act.
Earlier that day, Senator Bernie Moreno said he still has “some concerns” about the bill but expressed hope that Congress could pass it “hopefully by April,” paving the way for President Donald Trump to sign it into law. Moreno also dismissed worries that delays could threaten the bill if Democrats regain control of Congress in the November midterm elections.
With some Republicans concerned about potentially losing at least the House, Moreno remained confident. “The House isn’t going to go Democrat, and neither is the Senate,” he predicted.
Ripple CEO Brad Garlinghouse suggested on Tuesday that once remaining disputes over stablecoin rewards between the banking and crypto sectors are resolved, the CLARITY Act could move quickly toward passage.
While acknowledging the bill isn’t perfect, he noted that no legislation ever is. He estimated there is an 80% chance the market structure bill will be signed into law by the end of April.
Frequently Asked Questions
FAQs Goldman Sachs CEO Urges US to Establish Clear Crypto Regulations
BeginnerLevel Questions
1 Who is the Goldman Sachs CEO and why is his opinion important
David Solomon is the Chairman and CEO of Goldman Sachs a leading global investment bank His opinion carries significant weight in financial circles because it reflects the views of a major institution that influences markets and policy
2 What are crypto regulations in simple terms
Crypto regulations are rules set by governments like those from the SEC or CFTC in the US that dictate how cryptocurrencies can be created traded taxed and used They aim to protect investors and ensure financial stability
3 Why does the CEO want clear regulations
He believes clear rules will reduce uncertainty for businesses and investors This would encourage more mainstream companies to participate drive innovation in the US and help prevent fraud and market manipulation
4 Whats the current problem with US crypto regulation
Right now US regulation is fragmented and unclear Different agencies sometimes claim overlapping authority and rules can be contradictory or applied inconsistently This creates a gray area that stifles growth and pushes some companies to operate overseas
5 How could clear regulations benefit everyday people
Clear rules could lead to safer and more accessible crypto investment products better consumer protections against scams and more legitimate ways to use crypto for payments or savings
Advanced Practical Questions
6 What specific areas of regulation is Goldman Sachs likely focused on
They are likely focused on 1 Classification Whether a crypto asset is a security commodity or something else 2 Custody Trading Rules for banks holding crypto for clients and operating trading platforms 3 Stablecoins Regulations for cryptocurrencies pegged to traditional assets like the US dollar
7 How does regulatory clarity impact traditional finance institutions
Clarity allows banks and asset managers to confidently develop and offer cryptorelated serviceslike custody trading desks or derivative productsknowing they are compliant It reduces legal risk and enables largescale capital deployment
8 Whats the risk if the US doesnt establish clear rules
The US risks losing its leadership in financial innovation Talent companies and capital could flow to jurisdictions with clearer frameworks like the EU with its Mi