Wall Street Titans Back CLARITY Act as Senate Deadline Approaches

The Digital Asset Market Clarity Act (CLARITY Act) has received support from five major Wall Street firms, but their endorsements are not coordinated. Fidelity Public Policy and Goldman Sachs CEO David Solomon have expressed enthusiasm for the bill's potential to strengthen investor confidence and promote stability in digital-asset markets.

The CLARITY Act aims to divide oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also proposes anti-money-laundering rules for major intermediaries while preserving existing securities laws for tokenized stocks. The bill still faces opposition from Senate Democrats, who argue that its ethics provisions do not adequately address potential conflicts involving elected officials.

The combined assets managed by the five firms, BlackRock, Charles Schwab, Fidelity, Goldman Sachs, and Grayscale, total approximately $50 trillion, a figure that dwarfs the current global cryptocurrency market value of around $2.29 trillion.