Fidelity has become the latest major financial firm to support the newest version of the long-awaited Clarity Act, a crypto market structure bill under consideration in the U.S. Senate that would establish clearer lines of authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission over digital assets.

The Boston-based investment giant's "Public Policy" account on X said Friday that the company was urging the Senate to pass the legislation.

BREAKING: $7.1 trillion Fidelity officially endorses the Senate to pass the Clarity Act. pic.twitter.com/X8xncZtPzA — Bitcoin Magazine (@BitcoinMagazine) July 24, 2026

BREAKING: $7.1 trillion Fidelity officially endorses the Senate to pass the Clarity Act. pic.twitter.com/X8xncZtPzA

Lawmakers have been working through the crypto market structure bill since last year. The legislation is part of a broader congressional effort to give the digital asset industry a definitive regulatory framework, a push that has run on a separate track from stablecoin legislation. A revised draft circulating in the Senate this week would bar public officials and their families from issuing or promoting crypto, an issue that had become a point of contention for opposition politicians.

"The time is now for clear rules of the road that are essential to strengthening investor confidence, providing certainty for market participants, and reinforcing U.S. leadership in global digital asset markets," the company said.

Fidelity, which manages about $7 trillion in assets, was joined Friday by crypto advocacy organizations including the Crypto Council for Innovation, the Blockchain Association, and the Digital Chamber. The National Fraternal Order of Police and other politicians also backed the bill.

Fidelity has a direct interest in the legislation because it manages Bitcoin and other digital asset exchange-traded funds, including its spot Bitcoin ETF (FBTC). The firm has been building crypto infrastructure through its Fidelity Digital Assets unit since 2018, well before the current wave of Wall Street involvement. Those products give American investors exposure to crypto through shares that trade on stock exchanges.

The Securities and Exchange Commission approved multiple spot BTC ETFs in 2024. Since then, the products have become some of the most successful ETF launches ever.

Clarity Act Stalls

Republicans passed the Clarity Act last year, but the bill has remained in deadlock, largely because banking executives raised concerns about stablecoins and the yield they could potentially pay to customers.

Coinbase withdrew support for the bill in January after clashing with banking leaders who said that earning yield on stablecoins should be banned.

U.S. banks argue that they could lose customers if crypto exchanges such as Coinbase offer more attractive products for their deposit base.

Some lawmakers, including Democratic Senator Elizabeth Warren, have argued that President Donald Trump's family has unfairly benefited from crypto ventures.

Warren this week argued that the Clarity Act could further be used for Trump to cash in on crypto. The latest draft, however, bans officials and their families from issuing or promoting crypto.

This post $7 Trillion Investment Giant Fidelity Backs New Crypto Clarity Act first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.