BlackRock, Fidelity, other Wall Street giants back the Clarity Act

Five major Wall Street institutions have publicly endorsed the Digital Asset Market Clarity Act in recent days, applying political pressure on Congress to pass the bill before the Senate begins its summer recess on August 8. The backing from BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi marks a rare moment of institutional alignment on crypto regulation, yet the endorsements mask a significant divide within finance itself over the bill's core terms.

BlackRock's senior managing director and global head of market development, Samara Cohen, called the legislation "an important step toward establishing a regulatory framework for digital assets that puts investors first" and said it "would help the United States shape the next era of market structure," according to reporting by CoinDesk. Fidelity stated the bill would provide the "clear rules of the road" needed to strengthen investor confidence and reinforce U.S. leadership in digital asset markets. Franklin Templeton wrote that the bill would make clear how crypto is regulated, so that "investors would know what protections apply" and "firms would know which regulators they answer to."

Goldman Sachs CEO David Solomon acknowledged the legislation is "not perfect" but said it would create "a level playing field to enhance market stability," adding he was "very supportive of moving the CLARITY Act forward." SoFi CEO Anthony Noto, welcoming Goldman's support, wrote on X that "durable rules for digital assets are critical for U.S. global competitiveness" and called for Congress to "pass it immediately."

The bill has stalled on the Senate floor despite the institutional push. Majority Leader John Thune has shifted legislative focus to judicial nominations and a Russia sanctions package, leaving the Clarity Act waiting for floor time even though Senate negotiators recently unveiled updated legislative text merging House and Senate proposals. The Senate is scheduled to begin its summer recess on August 8, leaving only a handful of legislative days to move the bill forward before the break.

One significant fissure has emerged within the financial establishment. JPMorgan Chase has backed changes to the bill that Coinbase and the broader crypto industry view as weakening it, specifically tighter restrictions on stablecoin yield. JPMorgan has argued that certain provisions could give stablecoin issuers an unfair advantage over traditional deposits. Coinbase and other crypto firms have countered that efforts to restrict stablecoin yields would slow innovation in the U.S. digital asset market.

A second dispute centers on ethics restrictions for senior government officials involved with crypto. Senate negotiators have outlined how such restrictions would work for the first time in the updated legislative text, but lawmakers remain divided over whether the proposal adequately addresses concerns surrounding President Donald Trump's crypto business interests. This issue has become one of the biggest sticking points in negotiations.

The Bottom Line: Institutional backing from major asset managers demonstrates Wall Street support for a regulatory framework, but the bill's path to the Senate floor remains unclear given Majority Leader Thune's competing priorities and the compressed legislative calendar before August 8. Watch for whether JPMorgan's opposition and unresolved ethics language shift before any floor vote is called.