BlackRock, Fidelity and Goldman Sachs rally behind the CLARITY Act
Some of Wall Street's biggest firms are urging Congress to pass the U.S. crypto market-structure bill, even as the Senate's August recess leaves little time for a vote.
BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have publicly backed the Digital Asset Market Clarity Act as its window in the U.S. Senate narrows. Supporters argue that the bill would give investors clearer protections, tell digital-asset firms which regulators they answer to and help the United States remain competitive.
The endorsements expose a split inside traditional finance. Asset managers and some banks want the legislation to advance, while JPMorgan and parts of the banking industry are pushing for tighter restrictions on stablecoin rewards. Coinbase and other crypto companies argue that those changes would weaken the bill and slow innovation.
Time is becoming the decisive constraint. Senators are still debating ethics rules for senior government officials with crypto interests, while the chamber is scheduled to begin its summer recess on August 8. Even strong institutional support may not be enough if lawmakers cannot secure floor time and resolve the remaining disagreements.