Wall Street Giants Rally Behind CLARITY Act Ahead of Senate Vote
Major Wall Street institutions are backing the CLARITY Act as a vote on the legislation nears. The act aims to establish clear regulatory jurisdictions over digital assets in the US, with the SEC and CFTC working under a unified federal framework.
The bill's supporters include BlackRock, Fidelity Investments, Goldman Sachs, Charles Schwab, Franklin Templeton, and JPMorgan Chase, which manage between $30 trillion and $50 trillion in global assets. According to Samara Cohen, Senior Executive Director of Market Structure and Digital Assets at BlackRock, the measure prioritizes investor protection while preserving national financial competitiveness.
The revised draft text includes anti-money laundering requirements and ethics clauses targeting government officials involved in the crypto industry. However, there are still some divisions within the banking sector regarding specific aspects of the rule. Platforms like Coinbase oppose adding extra banking restrictions to the text, arguing that it could slow technological innovation.