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Wall Street firms endorse the Clarity Act as Senate deadline nears
Supporters say the Digital Asset Market Clarity Act would set new rules of the road for SEC and CFTC oversight, as the Senate faces a shorter window before its August recess.
CoinDesk reports that BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have publicly endorsed the Digital Asset Market Clarity Act, a bill aimed at creating a new regulatory framework for the U.S. crypto industry.
The endorsements come as the measure has exposed a divide within traditional finance. JPMorgan Chase has backed changes opposed by Coinbase and much of the broader crypto industry, with disputes centered on tighter stablecoin-related restrictions and whether certain provisions could advantage stablecoin issuers versus traditional deposits.
Supporters argue the legislation would protect investors and give companies regulatory certainty as digital assets become more mainstream, while helping the U.S. remain competitive. Franklin Templeton said the bill would clarify how crypto is regulated and spell out which protections and regulators apply to market participants.
CoinDesk also notes that Fidelity called for clear rules to strengthen investor confidence and reinforce U.S. leadership in digital asset markets, while BlackRock backed the proposal, as the Senate faces a shrinking timeline to advance the bill before its August recess.