Fidelity Joins Coalition Urging Senate to Pass CLARITY Act
Fidelity has joined the growing list of financial firms and crypto organizations calling on the US Senate to pass the CLARITY Act. This bill aims to establish a regulatory framework for digital assets in the US, which Fidelity believes is crucial for strengthening investor confidence and reinforcing US leadership in global crypto markets.
The company, ranked as the world's third-largest asset manager by the Sovereign Wealth Fund Institute with $7.1 trillion in managed assets, emphasized that clear regulations are needed to provide certainty for market participants. This move comes after a coalition of financial firms and crypto organizations, including the Crypto Council for Innovation, the Digital Chamber, and the Blockchain Association, urged Senate leaders to bring the bill to the floor.
The CLARITY Act needs 60 votes to pass the Senate, where Republicans hold a 52-47 majority. However, some Democrats have expressed concerns that the ethics provisions in the updated bill text released by Republicans do not go far enough to address corruption concerns.