BlackRock, Fidelity, Goldman Sachs, Franklin Templeton and SoFi publicly backed the Digital Asset Market Clarity Act. The bill faces a tight timeline before the Senate's summer recess.
Wall Street's biggest asset managers and banks are publicly throwing their weight behind the Digital Asset Market Clarity Act, a bill that would establish clear rules for U.S. crypto regulation and overhaul how the Securities and Exchange Commission and Commodity Futures Trading Commission oversee the industry.
Over the past week, a group of major firms – BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi – urged Congress to pass the legislation. They argue that clear rules would protect investors, give companies regulatory certainty and keep the U.S. competitive as digital assets become more mainstream.
Franklin Templeton posted its support 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," the asset manager wrote.
Fidelity struck a similar note, saying the legislation would provide "clear rules of the road" needed to strengthen investor confidence, give certainty for market participants and reinforce U.S. leadership in digital asset markets.
BlackRock also backed the proposal. Samara Cohen, the firm's senior managing director and global head of market development, told Politico the bill is "an important step toward establishing a regulatory framework for digital assets that puts investors first." She added: "It would help the United States shape the next era of market structure," while preserving transparency, resilience and investor protections that have made U.S. capital markets the global benchmark.
Goldman Sachs CEO David Solomon said last week the CLARITY Act "is not perfect," but would create "a level playing field to enhance market stability and allow these markets to develop appropriately." He said he is "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."
SoFi CEO Anthony Noto welcomed Goldman's support, posting on X that "durable rules for digital assets are critical for U.S. global competitiveness. It protects consumers and lets us build safely under homegrown regulation. Congress should pass it immediately."
Goldman Sachs holds an Alpha Score of 62, while Coinbase scores 35.
The wave of endorsements also highlights a divide within traditional finance. Asset managers and some banks have embraced the legislation. JPMorgan Chase, by contrast, has pushed for tighter restrictions on stablecoin yield, arguing the bill could give stablecoin issuers an unfair advantage over traditional deposits. Coinbase and other crypto firms countered that those changes would weaken the legislation and slow innovation.
The bill now 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, outlines how ethics restrictions for senior government officials involved with crypto could work. That issue has become a sticking point, with lawmakers debating whether the proposal goes far enough to address concerns around President Donald Trump's crypto business interests.
Even with revised language, 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. That leaves a handful of legislative days for the bill to reach the floor before the break.
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