Fidelity, Managing $7 Trillion in Assets, Endorses Revised Cryptocurrency Clarity Act

Fidelity, one of the world’s largest asset managers, has become the newest major institution to endorse the latest iteration of the long-anticipated Clarity Act.

The firm’s official Public Policy account on X announced on Friday that it is calling on the Senate to advance the legislation.

Lawmakers have been debating the crypto market structure bill since last year. A refined version of the draft, now circulating in the Senate, includes a prohibition on government officials and their families issuing or promoting cryptocurrencies — an amendment that addressed a key concern for opponents.

“The moment has arrived to establish clear guardrails that fortify investor trust, deliver regulatory certainty to market participants, and solidify U.S. leadership in the worldwide digital asset arena,” the company stated.

Fidelity, which oversees approximately $7 trillion in assets, was joined on Friday by several crypto advocacy organizations, including the Crypto Council for Innovation, Blockchain Association, and Digital Chamber, as well as the National Fraternal Order of Police and various political figures, all voicing support for the bill.

The bill holds particular interest for Fidelity, which manages a range of Bitcoin and other digital asset exchange-traded funds, providing U.S. investors with crypto exposure through publicly traded shares.

The Securities and Exchange Commission approved several spot Bitcoin ETFs in 2024, which have since become among the most successful fund launches in history.

Clarity Act Hits Legislative Impasse

Republicans passed the Clarity Act in the prior year, but the legislation has since stalled in Congress, largely due to concerns from banking executives who worry that stablecoins could pay interest and potentially siphon deposits from traditional banks.

Coinbase withdrew its endorsement of the bill in January following a dispute with banking leaders who argued that allowing stablecoins to generate yield should be prohibited.

U.S. banks contend they risk losing customers if cryptocurrency exchanges such as Coinbase provide more appealing products compared to traditional deposit options.

Several lawmakers, including Democratic Senator Elizabeth Warren, have asserted that the family of President Donald Trump has unfairly profited from cryptocurrency ventures.

Senator Warren this week warned that the Clarity Act could be exploited by Trump to profit from crypto, but the newest version of the bill explicitly prohibits government officials and their relatives from issuing or promoting cryptocurrencies.

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