BlackRock, Fidelity, other Wall Street giants back the Clarity Act

The biggest names on Wall Street are lining up behind the Digital Asset Market Clarity Act, marking one of the strongest public shows of support yet for legislation that would establish a new regulatory framework for the U.S. crypto industry and make sweeping changes to how the Securities and Exchange Commission and Commodity Futures Trading Commission oversee the sector.

Over the past week, firms including BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have all urged Congress to pass the bill, arguing that clear rules would protect investors, give companies regulatory certainty and help the U.S. stay competitive as digital assets become more mainstream.

The wave of endorsements also highlights a growing divide within traditional finance. While asset managers and some banks have embraced the legislation, JPMorgan Chase has been at odds with Coinbase (COIN) over tighter restrictions around stablecoin yield and has backed changes sought by the banking industry, arguing that certain provisions could give stablecoin issuers an unfair advantage over traditional deposits. Coinbase and other crypto firms have countered that those efforts would weaken the legislation and slow innovation in the U.S. digital asset market.

“Franklin Templeton supports passage of the CLARITY Act,” the asset manager wrote in a post on X. “The bill would make clear how crypto is regulated. Investors would know what protections apply. Firms would know which regulators they answer to. It’s time to provide the industry the clarity it needs.”

Fidelity struck a similar tone, saying the legislation would provide the “clear rules of the road” needed to strengthen investor confidence, provide certainty for market participants and reinforce U.S. leadership in digital asset markets.

BlackRock also threw its weight behind the proposal. In a statement to Politico, Samara Cohen, the firm’s senior managing director and global head of market development, called the bill “an important step toward establishing a regulatory framework for digital assets that puts investors first.”

“It would help the United States shape the next era of market structure,” Cohen said, while preserving the transparency, resilience and investor protections that have made U.S. capital markets the global benchmark.

Banks are joining the push as well. Goldman Sachs CEO David Solomon said last week that while the CLARITY Act “is not perfect,” it would create “a level playing field to enhance market stability and allow these markets to develop appropriately.”

“I’m very supportive of moving the CLARITY Act forward, so we can get some market structure in place and start to move the innovation process along,” Solomon said.

SoFi CEO Anthony Noto welcomed Goldman Sachs’ support, noting on X that the two firms have taken a different stance than some banks on crypto regulation.

“Durable rules for digital assets are critical for U.S. global competitiveness,” Noto wrote. “It protects consumers and lets us build safely under homegrown regulation. Congress should pass it immediately.”

The growing chorus of support comes as the bill enters a critical stretch on Capitol Hill.

Senate negotiators recently unveiled updated legislative text that merges House and Senate proposals and, for the first time, outlined how ethics restrictions for senior government officials involved with crypto could work. That issue has become one of the biggest sticking points in negotiations, with lawmakers still debating whether the proposal goes far enough to address concerns surrounding President Donald Trump’s crypto business interests.

Even with revised language in hand, the Senate isn’t expected to take up the bill immediately. Majority Leader John Thune has shifted the chamber’s focus to judicial nominations and a Russia sanctions package, leaving the Clarity Act waiting for floor time.

The Senate is scheduled to begin its summer recess on August 8, leaving only a handful of legislative days to move the bill forward before the break.