TLDR
Goldman Sachs CEO David Solomon has publicly backed a US push for clearer crypto rules and urged the industry to accept a formal, rules-based framework.
- Solomon endorsed the stalled Senate Clarity Act crypto market structure bill, saying firms that reject operating under rules should move to El Salvador.
- He tied big-bank participation in Bitcoin and other assets to regulatory clarity, while revealing Goldman already has large ETF-based crypto exposure and he personally holds very little BTC.
- Next steps hinge on Congressional negotiations over the bill and stablecoin yields, where lawmakers are targeting a compromise that could arrive as soon as this spring.
Deep Dive
1. Solomons Pro?Rules Message
At the World Liberty Forum in February 2026, David Solomon said crypto companies that oppose the US industry market structure bill should move to El Salvador, echoing Treasury Secretary Scott Bessents remarks and backing the so-called Clarity Act as a necessary framework for the sector.
He stressed that crypto must operate within a rules-based system, acknowledging it will not be perfect but insisting that trying to run without formal rules is unrealistic, especially in the US financial system.
Solomon also disclosed he owns very little, but some Bitcoin and described himself as an observer of Bitcoin, framing his stance as pragmatic rather than evangelistic.
2. Why Big-Bank Support Matters
Solomon has repeatedly argued that current US rules prevent major banks from directly holding or trading Bitcoin and other tokens, and that clearer legislation is the main unlock for wider bank participation in crypto markets.
Despite this caution, Goldman has built sizable exposure through regulated products, with filings and reporting showing more than $1 billion in BlackRocks iShares Bitcoin Trust and roughly $260 million combined in Solana and XRP ETFs by late 2025, and total spot crypto ETF exposure above $2.3 billion via diversified holdings.
He has suggested that if regulations evolve, Goldman could eventually offer market-making services in Bitcoin and Ethereum, which would deepen institutional liquidity but also bring heavier compliance, surveillance, and KYC oversight into crypto venues.
The center of gravity for US crypto is shifting toward regulated, ETF-like and bank-mediated channels, which can boost liquidity but reduce room for lightly regulated, offshore-style activity.
3. What To Watch In Washington
The Clarity Act and related Senate crypto market structure bill remain stalled after Coinbase CEO Brian Armstrong pulled support, arguing he preferred no bill to a bad bill, which derailed a key vote.
In parallel, the White House has hosted meetings on stablecoin yields and market structure, where banks push to limit stablecoin rewards while crypto firms argue yields are essential for US competitiveness; Senator Bernie Moreno has suggested a compromise bill could be finalized around April if talks stay on track.
If a deal emerges that satisfies both large banks and major crypto firms, it will likely define who can custody digital assets, how stablecoin interest can be paid, and what conditions banks must meet to trade or make markets in BTC, ETH, and other tokens.
Conclusion
Goldmans CEO lining up behind a strong US rules-based crypto bill signals that Wall Street prefers clear, bank-friendly regulation over unregulated innovation. If Congress and the White House deliver a compromise, expect more institutional participation and ETF-style products, alongside tighter oversight that reshapes which crypto business models remain viable in the US.
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