Fidelity, which manages around $7 trillion in assets, has thrown its weight behind the latest version of the Clarity Act and is urging the Senate to pass it. The endorsement adds one more backer to the crypto market structure bill, even as the legislation stays stuck over how stablecoins should be treated.
Fidelity became the latest big player to urge the Senate to pass the Clarity Act, with the firm's "Public Policy" account on X making the call on Friday. The Boston-based firm manages around $7 trillion in assets.
The firm framed the push around investor confidence and U.S. leadership in the sector. It said the time had come for "clear rules of the road that are essential" in digital asset markets.
Who else is backing the bill
Fidelity was joined on Friday by the Crypto Council for Innovation, the Blockchain Association, and the Digital Chamber, along with the National Fraternal Order of Police and several politicians. The asset manager is interested in the bill because it manages Bitcoin and other digital asset products — exchange-traded funds that give American investors crypto exposure through shares traded on stock markets.
The SEC approved a number of spot BTC ETFs in 2024, and those launches have since become some of the most successful ETF launches ever. A new draft now circulating the Senate this week bans officials and their families from issuing or promoting crypto — a sticking point for opposition politicians.
Why the Clarity Act stalled
Republicans passed the Clarity Act last year, but the bill then fell into deadlock. Banking chiefs raised concerns over the yield that stablecoins might pay customers, and U.S. banks argue they could lose customers if crypto exchanges offer more attractive products for their deposit base.
Coinbase pulled its support for the bill in January after clashing with banking figures who said earning yield on stablecoins should be banned. Democratic senator Elizabeth Warren, meanwhile, has argued that President Donald Trump's family has unfairly benefited from crypto ventures.
Warren this week argued the Clarity Act could further be used for Trump to cash in on crypto, but the latest draft bans officials and their families from issuing or promoting crypto.
Source: Bitcoin Magazine
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