- BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi urged Congress to pass the Clarity Act.
- JPMorgan Chase backed banking industry changes, while Coinbase and other crypto firms said those revisions would weaken the bill.
- The Senate updated bill text, but the measure still faces a tight timeline before the August 8 recess.
Support for the Clarity Act grew over the past week as some of Wall Street’s largest firms publicly lined up behind the legislation. The bill would create a new U.S. regulatory framework for digital assets and reshape how the Securities and Exchange Commission and Commodity Futures Trading Commission oversee the sector. BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi said clearer rules would help protect investors, give companies more certainty and support U.S. competitiveness as digital assets become more mainstream. Their endorsements came as Senate negotiators released updated text, even though the measure still faces a limited window for action before the August recess.
Wall Street firms push for clearer crypto rules
Several major financial firms made direct appeals for Congress to approve the Clarity Act. Franklin Templeton said the legislation would clarify how crypto is regulated, help investors understand what protections apply and show firms which regulators they answer to. Fidelity also presented the Clarity Act as a way to provide clear rules of the road, strengthen investor confidence and reinforce U.S. leadership in digital asset markets.
BlackRock joined that public push as well. In a statement to Politico, Samara Cohen, the firm’s senior managing director and global head of market development, called the proposal an important step toward a digital asset regulatory framework that puts investors first. She said the Clarity Act would help the United States shape the next era of market structure while preserving the transparency, resilience and investor protections that have defined U.S. capital markets.
Banks split over the Clarity Act debate
The support behind the Clarity Act has also exposed differences within traditional finance. Goldman Sachs CEO David Solomon said the bill is not perfect, but argued it would create a level playing field to enhance market stability and allow these markets to develop appropriately. He added that he supports moving the Clarity Act forward so market structure can be put in place and innovation can continue.
SoFi CEO Anthony Noto welcomed Goldman Sachs’ position in a post on X and said durable rules for digital assets are critical for U.S. global competitiveness. He said those rules protect consumers and allow firms to build safely under domestic regulation. At the same time, JPMorgan Chase has been at odds with Coinbase over tighter restrictions tied to stablecoin yield and has supported changes sought by the banking industry, while Coinbase and other crypto firms say those changes would weaken the legislation and slow innovation.
Clarity Act negotiations and sticking points
The Clarity Act is now entering a more sensitive phase on Capitol Hill. Senate negotiators recently released updated legislative text that merges House and Senate proposals. The new draft also outlined, for the first time, how ethics restrictions for senior government officials involved with crypto could work.
That ethics issue has become one of the biggest sticking points in the talks. Lawmakers are still debating whether the proposal goes far enough to address concerns surrounding President Donald Trump’s crypto business interests. Even with revised language now in hand, the Clarity Act still has not cleared the political and procedural obstacles needed for immediate Senate action.
Senate timing for the Clarity Act
The Clarity Act also faces a narrow timetable in the Senate. Majority Leader John Thune has shifted the chamber’s focus to judicial nominations and a Russia sanctions package, leaving the bill waiting for floor time rather than moving ahead right away. That scheduling reality has slowed momentum even as support from major asset managers and banks has become more visible.
The Senate is scheduled to begin its summer recess on August 8, leaving only a handful of legislative days to move the Clarity Act before the break. That compressed calendar means the legislation has strong public backing from parts of Wall Street, but still no immediate path to a vote. The coming days will be important for determining whether endorsements can translate into action.
Conclusion
The Clarity Act has attracted support from BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi, with those firms arguing that clearer digital asset rules would improve investor protection, increase regulatory certainty and help the United States remain competitive. At the same time, the bill has exposed a divide within traditional finance, especially over stablecoin-related provisions backed by parts of the banking industry and opposed by Coinbase and other crypto companies. Senate negotiators have updated the text and added language on ethics restrictions, but the measure is still waiting for floor time. With the August 8 recess approaching, the Clarity Act faces a short and uncertain legislative window.
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