Fidelity Backs Revised Crypto Clarity Act with $7 Trillion in Assets
Investment giant Fidelity has expressed its support for the newly revised Crypto Clarity Act. The bill, which has been in the works since last year, aims to establish clear regulations for the crypto market. Fidelity's Public Policy account on X emphasized the importance of 'clear rules of the road' that would strengthen investor confidence and provide certainty for market participants.
The Boston-based firm manages around $7 trillion in assets, making it one of the largest investment managers in the world. Fidelity has a vested interest in the bill as it manages Bitcoin and other digital asset exchange-traded funds (ETFs). These products give American investors exposure to crypto via shares that trade on stock exchanges.
The latest draft of the Clarity Act bans officials and their families from issuing or promoting crypto, addressing concerns raised by lawmakers such as Democratic senator Elizabeth Warren. The bill has been in deadlock due to disagreements over stablecoins and their potential yield for customers.