Goldman Sachs CEO David Solomon: US Must Codify Crypto Rules for Long-Term Stability
The call for definitive regulatory frameworks in the nascent cryptocurrency market has received a powerful endorsement from Wall Street's highest echelons. David Solomon, CEO of Goldman Sachs, recently urged the United States to establish clear, rules-based guidelines for how digital assets will operate, emphasizing the critical need for long-term stability and oversight.
Solomon's Urgent Call for Clear Regulations
Speaking at the World Liberty Forum in Mar-a-Lago, Solomon underscored the importance of a well-defined regulatory environment for crypto markets. He asserted that lawmakers must adopt a long-term perspective when crafting legislation, stating, "As an American, I think it is very important that as we put legislation in place, we get it right for the long term." Solomon firmly believes that safe and sound market operations necessitate a robust, rules-based system. He controversially added, "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," unequivocally dismissing the notion of crypto thriving in a regulatory vacuum.
Industry Engagement and Legislative Outlook
Despite the pressing need for regulation, Goldman Sachs maintains a keen interest in the digital asset space. Solomon described himself as "super-interested" in crypto-related ventures such as digitalization and tokenization, though acknowledging that digital assets currently constitute a relatively small part of the firm's overall operations. His remarks arrive amidst intense Washington debates surrounding the proposed "CLARITY Act," a crypto market structure bill. Senator Bernie Moreno, despite some reservations, expressed optimism for the bill's passage, "hopefully by April," clearing the way for President Donald Trump to sign it into law. Echoing this sentiment, Ripple CEO Brad Garlinghouse also suggested an 80% chance of the bill being enacted by April's end, provided remaining disputes over stablecoin rewards between banking and crypto sectors are resolved.
