Major Asset Manager Fidelity Backs Senate Action on Digital Asset CLARITY Act
Investment giant Fidelity has added its voice to a coalition of cryptocurrency companies and industry organizations urging the United States Senate to advance the CLARITY Act for digital asset regulation.
On Friday, Fidelity issued a call for the United States Senate to advance the CLARITY Act, asserting that well-defined digital asset regulations are essential for bolstering investor confidence, delivering certainty to market participants, and maintaining America's position as a leader in the global cryptocurrency marketplace.
The investment management giant has become the latest addition to an expanding alliance of cryptocurrency companies and financial institutions that are pressing United States legislators to move forward with market structure legislation for digital assets.
Just hours before Fidelity's announcement on Friday, three major industry advocacy groups—the Crypto Council for Innovation, the Digital Chamber, and the Blockchain Association—issued their own appeal to Senate leadership, requesting that the legislation be brought forward for consideration. Additionally, on Wednesday, Brian Armstrong, who serves as CEO of Coinbase, made a public appeal for the Senate to hold a comprehensive floor vote on the measure.
The proposed CLARITY Act aims to create a comprehensive regulatory framework governing digital assets across the United States. To secure passage in the Senate, the legislation requires 60 affirmative votes, a threshold that will necessitate bipartisan support given that Republicans currently maintain a 52-47 majority. While Republicans unveiled revised legislative text on Wednesday, certain Democratic lawmakers have voiced concerns that the bill's ethics-related provisions fall short of adequately addressing potential corruption issues.
According to rankings from the Sovereign Wealth Fund Institute, Fidelity holds the position of the world's third-largest asset manager. The firm disclosed in its 2025 annual report that it oversees $7.1 trillion in managed assets.