BlackRock Joins Forces with Wall Street Giants to Push Crypto Regulation
BlackRock is calling on the US Senate to pass the Digital Asset Market Clarity Act, formally known as H.R. 3633. The legislation aims to provide clear oversight responsibilities for regulators, replacing an ad-hoc enforcement approach with statutory law.
The bill has already passed in the House with a bipartisan vote of 294-134 and cleared the Senate Banking Committee with a 15-9 vote. However, it needs a full Senate floor vote before the August recess, which is approaching quickly.
BlackRock's senior managing director Samara Cohen has voiced her support for the legislation, highlighting investor protection as the central priority. The firm operates a spot Bitcoin ETF and has been expanding its digital asset footprint, making regulatory clarity a direct business requirement for scaling those products to a broader client base.
The Digital Asset Market Clarity Act is not just supported by BlackRock but also by Fidelity, Franklin Templeton, Goldman Sachs, and SoFi. None of these endorsements have named specific tokens or protocols, indicating that this is a push for regulatory structure rather than an investment in any particular cryptocurrency.