Fidelity Backs Clarity Act as Senate Debates Crypto Regulation

Investment giant Fidelity is backing the latest version of the Clarity Act, a bill aimed at regulating the US crypto market. The Boston-based firm's Public Policy account on X urged the Senate to pass the bill, citing its importance for strengthening investor confidence and providing certainty for market participants.

The Clarity Act has been in development since last year and has been a topic of debate among lawmakers. A new draft circulating the Senate this week bans officials and their families from issuing or promoting crypto, a sticking point for opposition politicians.

Fidelity's support is significant, as the company manages around $7 trillion in assets and offers Bitcoin and other digital asset exchange-traded funds (ETFs). The SEC approved spot BTC ETFs in 2024, which have been successful since their launch.