The biggest names on Wall Street are lining up behind the Digital Asset Market Clarity Act, in one of the strongest public shows of support yet for legislation that would establish a new regulatory framework for the U.S. crypto industry.
The bill would divide oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Asset managers throw their weight behind the bill
Over the past week, firms including BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have all urged Congress to pass the bill.
They argue that clear rules would protect investors, give companies regulatory certainty, and help the U.S. stay competitive as digital assets go mainstream.
Franklin Templeton wrote on X:
“The bill would make clear how crypto is regulated. Investors would know what protections apply. Firms would know which regulators they answer to. It’s time to provide the industry the clarity it needs.”
BlackRock’s Samara Cohen called the bill “an important step toward establishing a regulatory framework for digital assets that puts investors first.”
Goldman Sachs CEO David Solomon said that while the act “is not perfect,” he is “very supportive of moving the CLARITY Act forward.”
JPMorgan breaks from the pack
The wave of endorsements highlights a growing divide within traditional finance.
JPMorgan Chase has been at odds with Coinbase over tighter restrictions around stablecoin yield, backing changes sought by the banking industry.
JPMorgan argues certain provisions could give stablecoin issuers an unfair advantage over traditional deposits.
In a separate research note, the bank warned that a delayed bill could see tokenization absorbed by incumbent market infrastructure rather than accruing to public crypto networks.
Coinbase and other crypto firms counter that those efforts would weaken the legislation and slow innovation.
Senate timeline tightens
Senate negotiators recently unveiled updated text merging House and Senate proposals, outlining how ethics restrictions for senior officials involved with crypto could work.
That issue remains a major sticking point, with lawmakers debating whether it goes far enough to address President Donald Trump’s crypto business interests.
Majority Leader John Thune has shifted the chamber’s focus to judicial nominations and a Russia sanctions package.
The Senate begins its summer recess on August 8, leaving only a handful of legislative days to advance the bill. Polymarket assigns roughly a 30% chance the Clarity Act becomes law before the end of 2026.
