Fidelity, A $7 Trillion Behemoth, Throws Weight Behind Pivotal New Crypto Clarity Act

Global investment firm Fidelity, managing approximately $7.1 trillion in assets, has officially endorsed the latest version of the Clarity Act, urging the Senate to pass the crypto market structure bill. This significant backing was announced via Fidelity's "Public Policy" account on X (formerly Twitter) on Friday, July 24, 2026. Fidelity's interest in the digital asset space, including its management of Bitcoin and other digital asset exchange-traded funds (ETFs) that provide American investors with exposure to crypto, underscores its vested interest in clear market regulations.

The Clarity Act aims to establish comprehensive regulatory guidelines for the U.S. digital asset market, a move Fidelity asserts is "essential to strengthening investor confidence, providing certainty for market participants, and reinforcing U.S. leadership in global digital asset markets." Lawmakers have been working on this bill since last year. An earlier version, passed by Republicans, faced a deadlock primarily due to concerns raised by banking chiefs.

A major point of contention in previous discussions revolved around stablecoins and the potential yield they could offer customers. U.S. banks expressed worries about losing their deposit base to crypto exchanges, such as Coinbase, if the latter offered more attractive products. Coinbase, which initially supported the bill, withdrew its backing in January after clashing with banking institutions over this very issue of stablecoin yield.

However, an improved draft of the Clarity Act is now circulating in the Senate, designed to address some of these earlier sticking points. A key new provision in this updated draft explicitly bans government officials and their families from issuing or promoting crypto. This specific amendment directly responds to criticisms from lawmakers like Democratic Senator Elizabeth Warren, who had previously argued that President Donald Trump's family could unfairly benefit from crypto ventures. Warren had expressed concerns that the Clarity Act, in its earlier forms, could be exploited for personal gain, and the revised draft seeks to prevent such conflicts of interest.

Fidelity is not alone in its support for the revised legislation. Several prominent crypto advocacy groups, including the Crypto Council for Innovation, the Blockchain Association, and the Digital Chamber, have also publicly endorsed the bill. Additionally, the National Fraternal Order of Police and various other politicians have lent their support, signaling a growing consensus for the establishment of clearer crypto regulation within the United States.