Fidelity backs Senate passage of CLARITY Act for U.S. crypto market rules
Pressure is building on the U.S. Senate to advance digital asset legislation as major financial and crypto industry groups push for a clearer regulatory framework. Fidelity says passage of the CLARITY Act would help strengthen investor confidence, give market participants more certainty and support U.S. competitiveness in global crypto markets.
Highlights
- Fidelity urges Senate passage of the CLARITY Act, joining major industry groups pushing for U.S. digital asset market structure legislation.
- The CLARITY Act, needing 60 Senate votes, faces political hurdles including Democratic criticisms of insufficient ethics provisions and unresolved objections.
- Fidelity, the world's third-largest asset manager with $7.1 trillion AUM, publicly backs crypto regulation, emphasizing major traditional finance support.
Industry push for Senate action
As reported by Cointelegraph, Fidelity on Friday urges the Senate to pass the CLARITY Act, joining a broader coalition seeking movement on digital asset market structure legislation.Earlier the same day, the Crypto Council for Innovation, the Digital Chamber and the Blockchain Association call on Senate leaders to bring the bill to the floor. Coinbase Chief Executive Brian Armstrong also calls for a full Senate vote on Wednesday.
The proposed law would create a regulatory framework for digital assets in the U.S. The measure needs 60 votes to clear the Senate, where Republicans hold a 52-47 majority.
Political hurdles and market significance
Republicans release updated bill text on Wednesday, but some Democrats argue the ethics provisions do not go far enough to address corruption concerns. That leaves the legislation facing both a procedural threshold and unresolved political objections as backers try to broaden support.Fidelity's intervention adds weight from one of the world's largest asset managers. The firm ranks as the third-largest globally by the Sovereign Wealth Fund Institute and reports $7.1 trillion in assets under management in its 2025 annual report, underscoring the significance of traditional finance support for U.S. crypto regulation.
In our earlier article on the EU-U.S. Joint Financial Regulatory Forum in Brussels, we covered how European and U.S. regulators stepped up coordination on cross-border issues in digital assets, banking, and market structure. The discussions included digital asset policy work on both sides of the Atlantic, alongside efforts to align rules that can shape market resilience and oversight outcomes. That broader push for regulatory alignment helps frame why U.S. lawmakers’ decisions on crypto market structure bills are closely watched by both industry and regulators.
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