Wall Street Backs Clarity Act in Fight Over Crypto Rules
BlackRock, Fidelity, and Goldman Sachs support the proposal, which aims to draw a clearer line between SEC and CFTC authority over digital assets. In the Senate, the ethics clause tied to crypto and Trump remains the biggest sticking point.
Key Takeaways
- BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi support the Digital Asset Market Clarity Act.
- The bill is meant to make it clearer which digital assets fall under SEC or CFTC oversight.
- The Senate is running out of time because the schedule is packed and the summer recess starts on August 8.
Some of Wall Street’s biggest firms are lining up behind the Digital Asset Market Clarity Act, a bill that would set a new U.S. regulatory framework for crypto. Over the past week, BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi all voiced support for the proposal, even as the Senate faces mounting pressure to keep the process moving.
Big Financial Names Take a Side
That backing shows the fight over U.S. crypto rules is no longer just a standoff between regulators and crypto-native firms. Supporters argue that clearer legislation could improve investor protection, give businesses more certainty, and help the U.S. stay competitive as digital assets become more mainstream.
Franklin Templeton said on X that the bill spells out how crypto would be regulated, what protections investors would have, and which agency companies would need to deal with. Fidelity described the proposal as a kind of rulebook that could help build confidence in the market. BlackRock said the Clarity Act is an important move toward a framework that puts investors first while keeping U.S. capital markets transparent and resilient.
Goldman Sachs and SoFi also added their support. Goldman executive David Solomon said the bill is not perfect, but argued it could create a more level playing field and support market stability. SoFi CEO Anthony Noto said durable rules for digital assets matter for the U.S. if it wants to stay globally competitive.
Fight Over the SEC and CFTC
At the center of the Clarity Act is a push to draw a cleaner line between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The idea is to make it easier to tell which digital assets belong under which regulator, while cutting down on the overlap and uncertainty that have long surrounded U.S. crypto oversight.
The proposal would also create a temporary registration system for digital commodity exchanges, brokers, and dealers. During that transition, they would still need to follow disclosure, recordkeeping, and membership rules until full CFTC registration kicks in. The bill defines digital commodities as digital assets that are directly tied to a blockchain and derive their value from using that blockchain.
That line matters for the wider crypto market because a narrower securities definition could leave fewer tokens stuck in a gray zone between SEC and CFTC oversight. For European crypto readers, it is also notable because the U.S. is taking a different path from the more unified setup under MiCA in Europe.
The Senate Is Running Out of Time
Wall Street’s support comes as the bill enters a crucial stretch in Washington. Senate negotiators recently unveiled updated legislative text that blends House and Senate versions and, for the first time, lays out how ethics restrictions for senior government officials with crypto holdings could work.
That ethics language is still one of the biggest obstacles in the talks, in part because of concerns around President Donald Trump’s crypto interests. A fast vote also looks unlikely, since Majority Leader John Thune has redirected the Senate’s calendar toward judicial nominations and a sanctions package against Russia. With the summer recess set to begin on August 8, lawmakers only have a small window left to advance the Clarity Act.
