Investment giant Fidelity is the latest major player to support the latest version of the long-awaited Clarity Act.
The “Public Policy” account of the Boston firm on X he said Friday that it is urging the Senate to pass the bill.
Lawmakers have been chasing a crypto market bill since last year. New legislation circulating in the Senate this week prohibits senior citizens and their families from giving or raising crypto – a sticking point for opposition politicians.
“The time is now for clear rules of the road that are necessary to strengthen investor confidence, provide certainty to market participants, and strengthen US leadership in global financial markets,” the company said.
Fidelity – which manages around $7 trillion in assets – joined on Friday with crypto advocacy groups Crypto Council for Innovation, Blockchain Association, and Digital Chamber, as well as the National Fraternal Order of Police and other politicians in support of the bill.
The leading asset manager Fidelity is interested in the bill as the company manages Bitcoin and other digital assets: products that give American investors access to crypto through shares traded on the markets.
The SEC approved several BTC ETFs in 2024, which have been some of the most successful ETFs ever.
Very clear
Republicans passed the Clarity Act last year but the bill is on the wane — largely because banking executives have raised concerns about stablecoins and the yields they can charge customers.
Coinbase pulled its support for the bill in January after a dispute with bank officials who argued that yielding on stablecoins should be banned.
US banks argue that they could lose customers if crypto exchanges like Coinbase offer more tangible assets to their banks.
Some lawmakers — like senator Elizabeth Warren — have they argued that President Donald Trump’s family has unfairly benefited from crypto businesses.
Warren this week suggested that the Clarity Act could also be used to allow Trump to raise funds for crypto, but the latest bill prohibits senior officials and their families from donating or promoting crypto.
