Franklin Templeton Joins Wall Street Coalition Backing CLARITY Act

Franklin Templeton has added its voice to the growing coalition of Wall Street firms backing the CLARITY Act, a federal crypto market-structure bill making its way through the U.S. Senate.

The $1.79 trillion asset manager publicly endorsed the legislation on July 27, stating 'It's time to provide the industry the clarity it needs.' Franklin Templeton emphasized that the bill would establish clear regulations for the crypto space, allowing investors to understand what protections apply and which regulators they answer to.

This endorsement places Franklin Templeton alongside BlackRock, Fidelity Investments, and Goldman Sachs, each of which has separately backed the legislation. The coalition is pressing the Senate to advance the bill, although no floor vote has been scheduled and the endorsements do not guarantee passage.

The CLARITY Act assigns oversight responsibilities across the SEC and CFTC, defining regulatory treatment for securities and digital commodities while establishing registration standards, customer protections, and disclosure obligations. The revised bill text reflects merged work from the Senate Banking Committee and Senate Agriculture Committee.