Wall Street Giants Rally Behind CLARITY Act Ahead of Senate Vote

Wall Street giants are rallying behind the CLARITY Act as Congress prepares to vote on the regulatory framework. The proposal aims to establish clear jurisdictions for digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Major financial services corporations such as BlackRock, Fidelity, and Goldman Sachs have expressed public support for the legislation.

The CLARITY Act would outline regulatory jurisdiction over digital assets under a unified federal framework. It also includes anti-money laundering requirements and ethics clauses targeting government officials. The revised draft text has been met with mixed reactions from industry stakeholders.

Fidelity Investments, which manages $7.1 trillion in global assets, views the legislation as essential for increasing operational certainty for market participants. However, institutions like JPMorgan Chase have raised objections regarding stablecoin-linked yields. Native digital asset companies such as Coinbase are also opposed to adding extra banking restrictions to the text.

The Senate Banking Committee is scheduled to evaluate the updated text before the start of the August 2026 parliamentary recess. The outcome of the Senate talks will define the operational rules for the crypto asset industry in the United States.