Franklin Templeton Joins Wall Street Giants in Backing CLARITY Act

Wall Street's backing for federal crypto rules has gained momentum as Franklin Templeton, the financial giant with $1.79 trillion in assets under management, endorsed the CLARITY Act on July 27. The bill, which aims to establish clearer rules for digital assets, has already garnered support from Blackrock, Fidelity, Goldman Sachs, and Charles Schwab.

The updated Senate text divides digital asset oversight between the SEC and CFTC while introducing customer safeguards. This endorsement places Franklin Templeton alongside some of the world's largest financial institutions in advocating for federal regulation.

Blackrock Senior Managing Director Samara Cohen described the bill as an important step toward a digital asset framework that supports innovation while preserving transparency, resilient capital markets, and investor protections. Fidelity Investments also urged senators to approve the measure, arguing that a consistent national regulatory framework would encourage responsible innovation.