Fidelity Backs CLARITY Act, Joins Crypto Push
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- Fidelity called on the US Senate on Friday to pass the CLARITY Act, joining a coalition that includes the Crypto Council for Innovation, the Digital Chamber, the Blockchain Association, and Coinbase CEO Brian Armstrong, who pushed for a floor vote earlier in the week.
- Fidelity cited the need to strengthen investor confidence, provide certainty for market participants, and reinforce US leadership in global crypto markets as reasons for advancing the bill.
- The CLARITY Act would establish a regulatory framework for digital assets in the US but needs 60 Senate votes to pass; Republicans hold a 52-47 majority.
- Republicans released updated bill text on Wednesday, but some Democrats argued the ethics provisions do not go far enough to address corruption concerns.
- Fidelity is ranked the world's third-largest asset manager by the Sovereign Wealth Fund Institute and reported $7.1 trillion in managed assets in its 2025 annual report.
Why it matters: The bill needs 60 votes with Republicans at 52 seats, meaning at least 8 Democrats must cross over — and the ethics provisions dispute is the live obstacle, not crypto policy itself. Fidelity's $7.1 trillion in managed assets adds traditional-finance weight to a lobbying effort previously dominated by crypto-native firms, raising the political cost for Senate Democrats to keep blocking a floor vote.
