Fidelity, managing $7.1 trillion, urges Senate passage of the CLARITY Act. Goldman's CEO backs the bill. Stablecoin rewards and SEC-CFTC oversight remain unresolved.
Fidelity Investments, which manages $7.1 trillion in assets, has waded into Washington's crypto policy fight. The firm's government affairs arm posted on X on July 24 calling for Senate passage of the CLARITY Act, the bipartisan bill that would set nationwide rules for digital asset markets.
The push carries unusual weight. Fidelity's 2025 annual report shows $37.7 billion in revenue and $18 trillion in assets under administration. It already runs crypto businesses for retail and institutional clients. A legislative position from a firm that size lands differently than another endorsement from a digital asset advocacy group.
Crypto advocacy group Stand With Crypto reinforced the message. "Institutions want CLARITY. Investors want CLARITY. It is time to pass the CLARITY Act," the group wrote. The Coinbase-backed organization said it has generated 950,000 contacts supporting Senate action.
Goldman Sachs Group Inc. (NYSE: GS) CEO David Solomon also backed the CLARITY Act. That gave the push a second major institutional voice beyond crypto-native companies.
The Senate Banking Committee's CLARITY Act overview says the proposal would set tailored disclosure requirements, preserve anti-fraud authority, define when the SEC or CFTC regulates a digital asset, and create standards for centralized intermediaries while protecting certain software developers and peer-to-peer activity. Those provisions would influence exchange listings, issuer disclosures, custody requirements, and enforcement actions.
Senate negotiations are focused on unresolved provisions. The sticking points involve ethics restrictions, stablecoin rewards, and the division of oversight between the SEC and the CFTC.
Senator Elizabeth Warren (D-MA), the Banking Committee's ranking Democrat, has challenged the revised proposal. Her July 22 examination of the bill identifies alleged enforcement gaps and questions safeguards covering cryptocurrency interests held by senior elected officials.
Senate leaders face a difficult vote-counting exercise. Fidelity, Goldman Sachs, Coinbase, and advocacy organizations are seeking action before the chamber's limited legislative window closes.
Senator Cynthia Lummis (R-WY) said the CLARITY Act would provide market certainty, protect consumers, and keep innovation in the United States.
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