Franklin Templeton has joined Blackrock, Fidelity, and Goldman Sachs in supporting the CLARITY Act, strengthening Wall Street’s push for federal crypto rules as senators review updated legislation before a potential floor vote.
Key Takeaways
Franklin Templeton endorsed the CLARITY Act, seeking defined regulations, investor protections, and federal oversight responsibilities.Blackrock, Fidelity, Goldman Sachs, and Charles Schwab have also backed the market structure legislation.Updated Senate text divides digital asset oversight between two federal regulators while introducing customer safeguards.The firm indicated that the CLARITY Act would establish clearer rules for digital assets, helping investors better understand the protections available to them while giving companies greater certainty over which federal regulators oversee their operations. Franklin Templeton added that the legislation would provide the regulatory clarity the crypto industry has long sought.
Franklin Resources announced on July 6 that preliminary assets under management increased to $1.79 trillion at the end of June, up from $1.78 trillion a month earlier, driven by $9 billion in long-term net inflows, partially offset by market movements, distributions, and other factors.
The endorsement places Franklin Templeton alongside the world’s largest asset manager, Blackrock Inc. (NYSE: BLK), investment giant Fidelity Investments, and global investment banking leader Goldman Sachs Group Inc. (NYSE: GS), all of which have publicly backed the CLARITY Act.
Financial Giants Press Congress for Clearer Crypto Rules Updated CLARITY Act Defines Federal OversightThe framework defines regulatory treatment for securities and digital commodities while establishing registration standards, customer protections, disclosure obligations, and preserved anti-fraud enforcement authority.
