Fidelity Backs Crypto Regulation Bill as Senate Runs Out of Time

Fidelity, a $7 trillion asset manager, has thrown its support behind the CLARITY Act, a bill aimed at regulating cryptocurrencies.

The move comes as the US Senate is running out of time to pass the legislation before its August recess. According to Alex Thorn, head of research at Galaxy Digital, the Clarity Act's passage is now unlikely before the break.

John Thune, Majority Leader of the United States Senate, confirmed this sentiment, stating that the CLARITY Act is unlikely to pass before the August legislative recess.