Franklin Templeton Joins Blackrock, Fidelity, Goldman Sachs in Backing CLARITY Act
Franklin Templeton has joined Blackrock, Fidelity, and Goldman Sachs in supporting the CLARITY Act, strengthening Wall Street’s push for federal crypto rules as senators review updated legislation before a potential floor vote.
The financial giant, a subsidiary of Franklin Resources Inc. (NYSE: BEN), announced its endorsement on July 27 after reporting $1.79 trillion in assets under management as of June 30. The firm stated that the CLARITY Act would establish clearer rules for digital assets, helping investors understand protections while giving companies certainty over which federal regulators oversee their operations.
Franklin Templeton is now aligned with the world’s largest asset manager Blackrock, investment giant Fidelity Investments, and Goldman Sachs, all of which have publicly backed the legislation. Blackrock’s Senior Managing Director Samara Cohen described the bill as an important step toward a digital asset framework that supports innovation while preserving transparency and investor protections. Fidelity, overseeing approximately $7.1 trillion in assets, urged senators to approve the measure, arguing that a consistent national regulatory framework would encourage responsible innovation. Goldman Sachs CEO David Solomon endorsed the proposal, highlighting the banking industry’s growing interest in tokenization and digital asset services. Charles Schwab also characterized the measure as a catalyst for broader digital asset adoption.
Senate Republicans unveiled updated CLARITY Act text on July 22, reflecting merged work from the Senate Banking and Agriculture Committees. The bill assigns oversight responsibilities between the SEC and CFTC, defines regulatory treatment for securities and digital commodities, and establishes registration standards, customer protections, disclosure obligations, and preserved anti-fraud enforcement authority.