BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have all publicly endorsed the Clarity Act, a crypto market structure bill currently before the Senate. The endorsements come as the Senate's timeline for moving the legislation grows tighter, according to people familiar with the process.
The endorsers
The five firms represent a broad swath of traditional finance: the world's largest asset manager, two major index-fund giants, a storied investment bank, and a fintech lender. Their collective backing signals that the Clarity Act has cleared a key hurdle with institutional players who have long called for clearer federal rules around digital assets.
Each firm issued a statement of support this week. BlackRock and Fidelity have been among the most vocal advocates for a comprehensive U.S. crypto framework, while Franklin Templeton's endorsement adds a notable voice from the older guard of asset management. Goldman Sachs, which has gradually expanded its crypto trading desk, and SoFi, a digital-first bank, round out the group.
What the bill does
The Clarity Act is a market structure bill — meaning it aims to define which digital assets are securities, which are commodities, and which regulator gets jurisdiction. It also sets rules for exchanges, custodians, and stablecoin issuers. The bill has been in development for months and has drawn support from both industry groups and some lawmakers.
Proponents argue that without a clear federal framework, crypto firms face a patchwork of state laws and conflicting SEC and CFTC guidance. The endorsements from five heavyweight financial institutions could give the bill momentum as it heads toward a floor vote.
Senate clock ticking
The Senate's timeline is tightening. Sources say leadership is pushing to bring the bill to a vote before the August recess, which leaves only a narrow window for negotiations and amendments. The endorsements may help sway undecided senators, but opposition remains from some Democrats who want stronger consumer protections and from some Republicans who worry about overregulation.
Whether the Clarity Act can clear the Senate in the coming weeks is the open question. The endorsements give it a boost, but the clock is the real enemy.
