BlackRock Joins Wall Street in Backing Clarity Act Crypto Regs

BlackRock, the world's largest asset manager, has publicly expressed support for the Clarity Act, a US bill aimed at establishing a regulatory framework for the crypto market. The bill proposes dividing oversight of spot crypto trading between the US Securities and Exchange Commission and the Commodity Futures Trading Commission.

In a statement delivered to Politico, BlackRock highlighted the importance of prioritizing investor protection in the crypto space. Samara Cohen, a government official at BlackRock, stated that the Clarity Act is an 'important step toward establishing a crypto regulatory framework that puts investors first.'

BlackRock's support joins that of other major financial firms, including Goldman Sachs, Fidelity, and Charles Schwab. The Crypto Council for Innovation (CCI) has also released a position paper arguing that the Clarity Act could strengthen oversight systems and user protections.

However, the bill still faces uncertainty in the Senate, where a floor vote requires 60 votes. Republicans hold 53 seats, leaving at least 9 additional votes needed to pass the bill.