Cryptocurrency

BlackRock and Fidelity throw weight behind Clarity Act

Wall Street's largest asset managers endorse the Digital Asset Market Clarity Act as the Senate races a shrinking deadline before its August recess.

Some of the biggest names on Wall Street are lining up behind the Digital Asset Market Clarity Act, in one of the strongest public shows of support yet for legislation that would create a new regulatory framework for the U.S. crypto industry. BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have all endorsed the bill in recent days, according to CoinDesk. According to CoinDesk,

The endorsements matter because the legislation’s fate hinges on the Senate, which faces a shrinking timeline to advance it before the August recess. Traditional finance giants backing a crypto market-structure bill would have been unthinkable a few years ago.

The Clarity Act would make sweeping changes to how the SEC and CFTC divide oversight of digital assets — a question that has dogged the industry through years of enforcement actions.

What the Clarity Act would do

The bill seeks to define which regulator oversees which crypto assets, replacing today’s patchwork of enforcement with a statutory framework. Backers say clarity is what institutional adoption has been waiting for.

The public endorsements from asset managers signal that large investors want a rulebook they can build on, rather than the case-by-case uncertainty that has characterized U.S. crypto regulation. BlackRock and Fidelity, in particular, already run crypto-related products and stand to benefit from defined guardrails.

Not everyone agrees on the details. The bill has exposed a divide on Wall Street, with JPMorgan backing changes opposed by Coinbase and the broader crypto industry — a fault line that could still complicate passage.

Why Wall Street is backing crypto legislation now

With trillions in assets and a maturing customer base demanding digital-asset exposure, the largest managers have a direct interest in a stable regime. Ambiguity is expensive; a clear statute lets them launch products without fear of later enforcement.

The timing is political. A Senate calendar compressed by the August recess means lobbyists are racing to lock in momentum. The asset managers’ endorsements are a calculated push to keep the bill moving.

The open question is whether the JPMorgan-backed changes and industry opposition can be reconciled before the clock runs out. For now, the weight of Wall Street is firmly behind the bill.

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FAQ

What is the Clarity Act?

The Digital Asset Market Clarity Act is a U.S. bill to set a crypto market-structure framework defining SEC vs CFTC oversight.

Who endorses it?

BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have publicly backed it.

What’s the holdup?

The Senate faces a tight deadline before its August recess, and JPMorgan backs changes the crypto industry opposes.