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

What the report says

CoinDesk reports that major Wall Street firms including BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have publicly supported the Digital Asset Market Clarity Act as the U.S. Senate faces a narrowing window to act before its August recess. The bill is intended to create a clearer U.S. regulatory structure for digital assets and define oversight roles for the Securities and Exchange Commission and Commodity Futures Trading Commission.

According to CoinDesk, the firms argue that the legislation would improve investor protections, give companies more certainty and help the United States remain competitive as crypto becomes more integrated with mainstream finance. Franklin Templeton and Fidelity promoted the bill as a way to clarify which protections and regulators apply, while BlackRock’s Samara Cohen told Politico it would help establish a digital-asset framework centered on investors. Goldman Sachs CEO David Solomon said the bill is imperfect but would help create market structure, and SoFi CEO Anthony Noto called durable rules important for U.S. competitiveness.

The support also underscores divisions between parts of traditional finance and the crypto industry. CoinDesk notes that JPMorgan Chase has backed banking-sector changes related to stablecoin yield restrictions, while Coinbase and other crypto companies oppose those changes, arguing they could weaken the bill and impede innovation.

The legislation is at a critical stage on Capitol Hill. CoinDesk says Senate negotiators recently released updated text combining House and Senate proposals and addressing ethics limits for senior officials involved with crypto, an issue tied to concerns over President Donald Trump’s crypto business interests. Senate floor time remains uncertain, with Majority Leader John Thune prioritizing other matters before the chamber’s scheduled August 8 recess.