Fidelity backs Senate approval of the CLARITY Act
Fidelity Investments has called on the US Senate to pass the CLARITY Act, saying clear rules for digital assets are essential to boost investor confidence, provide regulatory certainty and strengthen the US position in the global crypto market.
The asset manager joins a growing list of financial firms and crypto industry groups pushing lawmakers to advance the market structure bill.
Earlier this week, the Crypto Council for Innovation, the Digital Chamber and the Blockchain Association urged Senate leaders to bring the bill to a vote. Coinbase CEO Brian Armstrong also called for a full Senate vote.
The CLARITY Act would create a regulatory framework for digital assets in the US. The bill requires 60 votes to pass the Senate, where Republicans hold a 52–47 majority. While Republicans released an updated version of the bill this week, some Democrats said its ethics provisions do not go far enough.
Fidelity manages $7.1 trillion in assets, making it one of the world’s largest asset managers.
Featured image from: cointelegraph.com