Investment giant Fidelity is the latest big player to back the latest version of the long-awaited Clarity Act.
The Boston-based company’s “public policy” account is on X He said Friday that she was urging the Senate to pass the bill.
Lawmakers have been discussing a draft cryptocurrency market structure bill since last year. A new, improved draft circulated to the Senate this week prohibits officials and their families from issuing or promoting cryptocurrencies — a sticking point for opposition politicians.
“Now is the time to establish clear rules of the road that are essential to strengthen investor confidence, provide certainty to market participants, and strengthen U.S. leadership in global digital asset markets,” the company said.
Fidelity — which manages about $7 trillion in assets — was joined on Friday by cryptocurrency advocacy groups such as the Cryptocurrency Innovation Council, the Blockchain Association, and the Digital Chamber, as well as the National Fraternal Order of Police and other politicians in supporting the bill.
Fidelity, a major asset manager, is interested in the bill as the company runs Bitcoin and other digital asset exchange-traded funds: products that give American investors exposure to cryptocurrencies via stocks traded on exchanges.
The SEC approved a number of spot BTC ETFs in 2024, which have since become some of the most successful ETFs ever launched.
Clarity stalls
Republicans passed the Clarity Act last year, but the bill deadlocked — mainly because bank chiefs raised concerns about stablecoins and the return they would likely pay to customers.
Coinbase withdrew its support for the bill in January after clashing with banking bigwigs who said yield generation on stablecoins should be banned.
US banks argue that they could lose customers if cryptocurrency exchanges like Coinbase offer more attractive products to their deposit base.
Some lawmakers — like Democratic Sen. Elizabeth Warren — have done so Argue That President Donald Trump’s family has unfairly benefited from cryptocurrency projects.
Warren argued this week that the Clarity Act could also be used for Trump to profit from cryptocurrencies, but the latest draft prohibits officials and their families from issuing or promoting cryptocurrencies.
