$7 Trillion Asset Manager Fidelity Backs Clarity Act as Senate Deadline Looms
Fidelity, a leading asset manager with over $7 trillion in assets under management, has thrown its support behind the Clarity Act, a bill aimed at clarifying cryptocurrency regulations. This development comes as the clock ticks down for the Senate to pass the legislation before its August recess.
Despite growing optimism, Majority Leader John Thune confirmed that the Clarity Act is unlikely to pass before the August recess. Alex Thorn, head of research at Galaxy Digital, had previously cut the bill's odds to 30% with the Senate running out of time.
The final text of the Clarity Act was published on Wednesday, and while it has garnered support from some notable figures, others have expressed concerns about its provisions. A group of Democratic senators rejected the latest draft, warning of DOJ overreach on enforcement.