BlackRock Joins Wall Street Firms Backing CLARITY Act as Senate Vote Nears
BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have publicly endorsed the CLARITY Act, a crypto market structure bill moving through the Senate. The bill faces a narrowing timeline with nine Senate votes still required for passage.
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Major Asset Managers Unite Behind Legislation
BlackRock has officially endorsed the CLARITY Act, joining a cohort of Wall Street firms including Fidelity, Franklin Templeton, Goldman Sachs, and SoFi in backing the legislation. The bill aims to clarify regulatory jurisdiction over cryptocurrency market structure and derivatives, a long-sought clarification from institutional investors and trading venues.
Senate Passage Still Uncertain
Despite the institutional support, the bill remains nine Senate votes short of passage, according to current counts. The Senate's legislative calendar is tightening, placing time pressure on sponsors to secure the remaining votes before the window closes. Previous attempts to move comprehensive crypto regulation through the upper chamber have stalled on similar vote margins.
Why It Matters
For Traders
CLARITY Act passage would reduce regulatory uncertainty around spot and derivatives trading venues, potentially lowering liquidity fragmentation costs.
For Investors
Institutional backing signals confidence that legislative clarity on crypto market structure is achievable; failure to pass would delay institutional product expansion.
For Builders
The bill's definition of which assets fall under which regulator determines the operating surface for DEX design, oracle networks, and settlement infrastructure.
This article is for information only and is not financial advice. Read the full disclaimer.
