The biggest names on Wall Street are lining up behind the Digital Asset Market Clarity Act, marking one of the strongest public shows of support yet for legislation that would establish a comprehensive regulatory framework for the U.S. cryptocurrency industry.
Over the past week, BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have all publicly urged Congress to pass the bill. Their argument is straightforward: clear rules would protect investors, give companies regulatory certainty, and help the United States remain competitive as digital assets become increasingly mainstream.
A Divided Wall Street
The endorsements also highlight a growing fault line within traditional finance. While asset managers and some banks have embraced the legislation, JPMorgan Chase has found itself at odds with Coinbase and the broader crypto industry over provisions related to stablecoin yield. JPMorgan has backed changes sought by the banking lobby, arguing that certain provisions could give stablecoin issuers an unfair advantage over traditional deposit-taking institutions.
Coinbase and other crypto firms have countered that those efforts would weaken the legislation and slow innovation in the U.S. digital asset market. The disagreement underscores a fundamental tension: banks view stablecoins as a competitive threat to their deposit franchises, while crypto firms see them as essential infrastructure for the next generation of payments.
What the Bill Does
The Clarity Act would make sweeping changes to how the Securities and Exchange Commission and Commodity Futures Trading Commission oversee digital assets. It would establish clear jurisdictional boundaries between the two regulators, create a pathway for tokens to transition from securities to commodities, and set new rules for trading venues, custodians, and other market participants.
Franklin Templeton, in a post on X, framed the bill's value in practical terms: investors would know what protections apply, and firms would know which regulators they answer to. Fidelity struck a similar tone, saying the legislation would provide the "clear rules of the road" needed to strengthen investor confidence.
BlackRock's endorsement carries particular weight. Samara Cohen, the firm's senior managing director and global head of market development, called the bill "an important step toward establishing a regulatory framework for digital assets that puts investors first" and said it would help the United States "shape the next era of market structure."
Goldman Sachs CEO David Solomon, while acknowledging the bill "is not perfect," said last week that it would create "a level playing field to enhance market stability." SoFi CEO Anthony Noto welcomed Goldman's support, noting that durable rules for digital assets are "critical for U.S. global competitiveness."
A Shrinking Window
The growing chorus of support comes as the bill enters a critical stretch. Senate negotiators recently unveiled updated legislative text that merges House and Senate proposals and, for the first time, outlined how ethics restrictions for senior government officials involved with crypto could work — one of the biggest sticking points in negotiations, tied to concerns about President Donald Trump's crypto business interests.
But even with revised language in hand, the Senate is not expected to take up the bill immediately. Majority Leader John Thune has shifted the chamber's focus to judicial nominations and a Russia sanctions package. The Senate's summer recess begins August 8, leaving only a handful of legislative days to move the bill before the break.
Whether the unified backing of Wall Street's largest firms will be enough to overcome the procedural hurdles and political debates standing between the Clarity Act and a floor vote remains the open question. What is clear is that the financial establishment has decided it would rather have rules than uncertainty — and that the debate over crypto regulation is no longer a fringe issue but a mainstream policy fight with billions of dollars in institutional assets at stake.