$7 Trillion Financial Giant Fidelity Urges Senate to Pass CLARITY Act

Fidelity Investments, a financial giant overseeing $7.1 trillion in managed assets, has entered the intensifying crypto debate by urging the Senate to pass the CLARITY Act, legislation that would establish nationwide rules for digital asset markets.

Fidelity Public Policy, the government affairs arm, posted on X on July 24 calling for Senate passage. It framed comprehensive federal rules as necessary for investor confidence, commercial certainty, and continued U.S. leadership in the global digital asset economy. Fidelity’s intervention carries unusual weight given its $37.7 billion in 2025 revenue, $18 trillion in assets under administration, and $7.1 trillion in managed assets. The firm already operates cryptocurrency businesses for retail and institutional clients.

Crypto advocacy group Stand With Crypto reinforced the message, arguing that businesses and investors need predictable standards. The Coinbase-backed organization has generated 950,000 contacts supporting Senate action. Goldman Sachs CEO David Solomon also voiced support for the CLARITY Act, broadening the institutional backing.

The CLARITY Act would establish tailored disclosure requirements, preserve anti-fraud authority, define when the SEC or CFTC regulates a digital asset, and set standards for centralized intermediaries while protecting certain software developers and peer-to-peer activity. These provisions could influence exchange listings, issuer disclosures, custody requirements, and enforcement actions.

However, Senate negotiations remain divided over stablecoin rewards, ethics restrictions, and the division of oversight between the SEC and CFTC. Senator Elizabeth Warren has challenged the proposal over investor protection and national security concerns. Senator Cynthia Lummis has highlighted three key benefits of the act, arguing it would form part of a comprehensive framework. Senate leaders face a difficult vote-counting exercise as supporters seek action before the legislative window closes.

Source: https://news.bitcoin.com/7-trillion-financial-giant-fidelity-urges-senate-to-pass-clarity-act/