Franklin Templeton Backs CLARITY Act With BlackRock, Fidelity, Goldman

Franklin Templeton endorsed the CLARITY Act on July 27, joining BlackRock, Fidelity Investments, and Goldman Sachs in supporting the federal crypto legislation. The firm, a subsidiary of Franklin Resources Inc. (NYSE: BEN), reported $1.79 trillion in assets under management as of June 30.

The bill would set clearer rules for digital assets, giving investors and companies certainty about which federal regulators oversee their operations, Franklin Templeton said. The legislation has been in the works for months, with Senate Republicans releasing updated text on July 22 that merges work from the Banking and Agriculture committees.

BlackRock Senior Managing Director Samara Cohen called the bill an important step toward a digital asset framework that supports innovation while preserving transparency and investor protections, according to the firm's public statement. Fidelity, which oversees $7.1 trillion, urged senators to approve the measure, arguing a consistent national framework would encourage responsible innovation. Goldman Sachs CEO David Solomon backed the proposal, citing the banking industry's growing interest in tokenization, digital asset custody, trading, and blockchain-based services. Charles Schwab Corp. (NYSE: SCHW) also characterized the measure as a catalyst for broader digital asset adoption.

The bill's section-by-section summary assigns regulatory responsibilities to the SEC and the CFTC, defining treatment for securities and digital commodities, registration standards, customer protections, and anti-fraud enforcement. The Senate Banking Committee has not yet scheduled a floor vote.