Wall Street’s biggest names are publicly endorsing the Digital Asset Market Clarity Act, which would establish a new regulatory framework for the U.S. cryptocurrency industry and significantly change how the Securities and Exchange Commission and Commodity Futures Trading Commission regulate the industry.
Businesses like BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have been pleading with Congress to approve the bill over the past week, arguing that specific regulations would protect investors, give businesses regulatory certainty, and help the US stay competitive as the use of digital assets grows.
The surge in endorsements also reveals a widening gap in conventional finance. While some banks and asset managers have welcomed the legislation, JPMorgan Chase has been at odds with Coinbase (COIN) over stricter limitations on stablecoin yield and has supported changes requested by the banking sector, claiming that some provisions could give stablecoin issuers an unfair advantage over traditional deposits.
In response, Coinbase and other cryptocurrency companies have said that such initiatives will weaken the law and impede innovation in the US digital asset industry. As the bill approaches a crucial phase on Capitol Hill, there is an increasing chorus of support.
Recently, Senate negotiators introduced revised legislation that combines House and Senate measures and, for the first time, described how senior government officials engaged in cryptocurrency may be subject to ethics limitations.
Lawmakers are still arguing over whether the idea adequately addresses worries about President Donald Trump’s cryptocurrency business interests, making it one of the main sources of contention in the negotiations. There are only a few legislative days left before the Senate’s summer break, which is set to start on August 8.
The Big Bank Lobby is trying to say that all of Wall Street is opposed to the Clarity Act. That’s completely false.
Supporting:
✅BlackRock
✅Goldman Sachs
✅Fidelity
✅Franklin Templeton
✅SoFihttps://t.co/DN07qic4Oe— Senator Cynthia Lummis (@SenLummis) July 28, 2026
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