Fidelity, which manages around $7 trillion in assets, has urged the Senate to pass the revised Clarity Act, adding a Wall Street heavyweight to the crypto market-structure bill’s list of backers. A new draft circulating this week bans officials and their families from issuing or promoting crypto — the sticking point that had drawn opposition.
Fidelity, which manages around $7 trillion in assets, has become the latest big player to back the revised Clarity Act, with its “Public Policy” account on X pressing the Senate on Friday to pass the crypto market-structure bill. The firm said clear rules would reinforce U.S. leadership in digital asset markets and strengthen investor confidence: “The time is now for clear rules of the road”.
It 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 other politicians. The manager’s stake is direct, since it runs Bitcoin and other exchange-traded funds that give American investors crypto exposure through shares traded on stock exchanges. The SEC approved a number of spot Bitcoin ETFs in 2024, which have since become some of the most successful launches ever.
Why the Clarity Act stalled
Republicans passed the Clarity Act last year, but it has since sat in deadlock. The fight has centered on stablecoins and the yield the tokens would potentially pay customers.
Coinbase pulled its support in January after clashing with banking chiefs who said earning yield on stablecoins should be banned. U.S. banks argue they could lose customers if crypto exchanges like Coinbase offer more attractive products for their deposit base.
Warren’s objection
Democratic senator Elizabeth Warren has argued that Trump’s family has unfairly benefited from crypto ventures. She warned this week that the Clarity Act could be used for the president to cash in further, though the latest draft bans officials and their families from issuing or promoting crypto.
Source: Bitcoin Magazine
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