BlackRock, Fidelity and Goldman Sachs publicly backed the CLARITY Act on Tuesday, but Senate odds have dropped to 30% as time runs short before the August recess.
BlackRock, Fidelity, Charles Schwab, Franklin Templeton and Goldman Sachs issued public statements Tuesday urging the Senate to pass the CLARITY Act before the August recess. The firms, which together manage somewhere between $30 trillion and $50 trillion in assets, said the bill would split crypto oversight between the SEC and the CFTC and impose anti-money laundering rules on blockchain infrastructure.
Samara Cohen, BlackRock's senior executive director of market structure and digital assets, told reporters the measure would prioritize investor protection while keeping the U.S. competitive. Fidelity posted a direct call for a floor vote. David Solomon, Goldman Sachs' CEO, said the text is not perfect but would create a level playing field.
Goldman Sachs carries an Alpha Score of 62, a moderate reading. JPMorgan Chase, which has raised objections to stablecoin-linked yields and sees the bill as giving private issuers an edge over banks, scores 65. JPMorgan's opposition has drawn pushback from Coinbase, whose CEO Brian Armstrong asked for a formal vote in the final week of July.
The bill's sponsors need 60 votes in the Senate. Majority Leader John Thune said passage before the recess is unlikely. Galaxy Research cut its approval odds to 30%, citing a tight calendar and unresolved Democratic concerns over ethics rules for officials involved in crypto.
The Senate Banking Committee is expected to mark up the updated text – which now includes conflict-of-interest provisions – before lawmakers leave Washington in August. No floor date has been set.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.