Institutions Pile Pressure on Congress to Pass Digital Asset Legislation
BlackRock has become the latest institution to back the CLARITY Act, which aims to provide clearer regulations for digital assets in the US. The company's Global Head of Market Development, Samara Cohen, stated that the bill is an important step towards creating a more investor-focused regulatory framework.
The CLARITY Act would strengthen oversight, customer protection, and enforcement against illicit finance, according to the Crypto Council for Innovation. BlackRock has significant commercial exposure to the rules under discussion, managing nearly $80 billion through digital asset exchange-traded products and $65 billion in stablecoin reserves.
Other institutions, including Goldman Sachs and Fidelity, have also expressed support for the bill. However, there are still several obstacles to its passage, including disagreements over stablecoin rewards and political ethics.