Blackrock Backs the CLARITY Act — Congress Is Running Out of Time to Pass It

Blackrock, the world’s largest asset manager, has endorsed the CLARITY Act, a bill aimed at establishing a regulatory framework for digital assets. Samara Cohen, Blackrock’s senior managing director and global head of market development, described the legislation as “an important step toward establishing a regulatory framework for digital assets that puts investors first.” She added that it would help the United States shape the next era of market structure by supporting innovation while preserving transparency, resilience, and investor protections.

The endorsement adds to growing Wall Street support for federal cryptocurrency legislation. Fidelity has also called for Senate approval, while Goldman Sachs CEO David Solomon and Charles Schwab have expressed backing for clearer digital asset rules.

Congress is running out of time to pass the CLARITY Act as the Senate’s legislative calendar grows more crowded. Last week, Senate Republicans released updated bill text reflecting the merged work of the Senate Banking and Agriculture committees. They described the coming weeks as the best opportunity in years to enact comprehensive digital asset market structure legislation. Senate Majority Leader John Thune (R-SD) said the Senate’s work is likely to extend beyond the August recess, underscoring the limited time lawmakers have to advance the bill this year.

With Republicans holding a 53-47 majority, most legislation still requires at least 60 votes to overcome procedural hurdles, leaving the bill dependent on bipartisan support. Some policy analysts have reduced the bill’s estimated chances of passage this year to 30%.

Crypto advocacy group Stand With Crypto has increased pressure on Congress, reporting over 925,000 emails to Congress in 2025 and more than 1.1 million contacts since its founding. The group, which has about three million registered members, plans to add every Senate vote on the CLARITY Act to a public congressional scorecard, allowing advocates to see how lawmakers voted. The organization said the scorecard is intended to hold elected officials accountable on digital asset policy.

The CLARITY Act would define responsibilities for the SEC and CFTC over different segments of the digital asset market. Issuers using certain exemptions would face disclosure obligations involving their blockchain systems, operations, and token distributions. Investors could receive more standardized information before purchasing covered digital assets, while compliant businesses would obtain clearer registration and trading pathways. These requirements could influence which tokens reach regulated platforms, how exchanges handle customer assets, and which cryptocurrency services traditional financial institutions offer.

Source: https://news.bitcoin.com/blackrock-backs-the-clarity-act-congress-is-running-out-of-time-to-pass-it/