$7 Trillion Fund Fidelity Backs Revised Crypto Clarity Act Amid Ongoing Senate Debate

Fidelity, the investment giant that manages about $7 trillion in assets, has backed the revised Clarity Act. The bill aims to set market-structure rules for the crypto industry and resolve ongoing issues such as stablecoin yield and bank concerns.

The Senate has been hashing out the crypto market structure bill since last year. A new improved draft circulating the Senate this week bans officials and their families from issuing or promoting crypto, a sticking point for opposition politicians.

Fidelity's Public Policy account on X said it was urging the Senate to pass the bill, citing the need for 'clear rules of the road' that would strengthen investor confidence and provide certainty for market participants. The company has joined crypto advocacy groups in backing the bill.