$7 Trillion Fidelity Backs Senate Bill to Clarify Crypto Regulations

Fidelity, one of the world's largest financial institutions with over $7 trillion in assets under management, has urged the US Senate to pass the CLARITY Act.

The bill aims to create a regulatory framework for the increasing number of companies that offer cryptocurrency services to their clients.

In a statement, Fidelity expressed its support for the legislation, citing the need for clarity and consistency in how these businesses are treated by regulators.

Fidelity's endorsement is significant, given the company's size and influence in the financial industry.