Wall Street Giants Back Crypto Clarity Act as Senate Deadline Looms

Wall Street asset managers are backing the Digital Asset Market Clarity Act (CLARITY Act) as the Senate approaches a critical deadline. The bill aims to divide crypto oversight between the SEC and CFTC while adding anti-money-laundering rules.

A recent viral post from Crypto Rover highlighted the combined assets of five major asset managers: BlackRock, Charles Schwab, Fidelity, Goldman Sachs, and Grayscale, totaling around $50 trillion. This figure is significant, as it compares to the global cryptocurrency market's value of approximately $2.29 trillion.

While these companies did not issue a coordinated endorsement, each expressed separate views on the bill. Fidelity Public Policy argued that clear federal rules would strengthen investor confidence and preserve US competitiveness. Goldman Sachs CEO David Solomon supported advancing the measure despite its imperfections, saying it could promote stability and create a more level market.

Grayscale described the CLARITY Act as a legal foundation for developers, token issuers, and regulated digital-asset intermediaries. Meanwhile, Charles Schwab's position emerged through strategist Jim Ferraioli, who identified the measure as a critical catalyst for Bitcoin and broader institutional adoption.