Fidelity Joins Crypto Lobby Pushing CLARITY Act Through Senate

Fidelity, a $7.1 trillion financial giant, has entered the crypto debate by urging senators to pass the CLARITY Act.

The company, which oversees $7.1 trillion in managed assets and $18 trillion in assets under administration, wants nationwide rules for digital asset markets.

Fidelity's intervention carries significant weight, as it operates cryptocurrency businesses for retail and institutional clients.

According to the Senate Banking Committee's CLARITY Act overview, the proposal would establish tailored disclosure requirements, preserve anti-fraud authority, define when the SEC or CFTC regulates a digital asset, and create standards for centralized intermediaries.