BlackRock, Fidelity and Other Wall Street Giants Back Crypto’s CLARITY Act

$30 trillion. That’s roughly how much combined assets the group of Wall Street firms now publicly backing crypto’s CLARITY Act oversees, a scale of institutional pressure that stands out even by Washington lobbying standards.

The Digital Asset Market CLARITY Act would rewrite how U.S. regulators oversee crypto, splitting authority between the Securities and Exchange Commission, which would keep jurisdiction over tokens classified as securities, and the Commodity Futures Trading Commission, which would oversee digital commodities instead. Supporters argue that dividing responsibility this way finally gives the industry a clear rulebook instead of the current, more contested regulatory approach.

The firms now backing the bill argue that regulatory clarity protects investors and gives companies the confidence to build crypto products without guessing which regulator might challenge them later. Coming from asset managers overseeing retirement accounts, ETFs, and institutional portfolios rather than crypto-native companies, that argument carries different weight in Washington than industry lobbying alone typically does.

The backing arrives as the Senate faces a shrinking window to advance the bill before its August recess, adding real time pressure to a legislative process that has moved slowly compared to the pace of the crypto industry itself. Whether that support translates into an actual floor vote before lawmakers leave for recess remains the open question.

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