Franklin Templeton Joins BlackRock, Fidelity and Goldman Sachs in Backing CLARITY Act

Franklin Templeton Adds to Wall Street’s Support for the CLARITY Act

Franklin Templeton, a subsidiary of Franklin Resources Inc. (NYSE: BEN), said on July 27 that it supports the CLARITY Act after reporting $1.79 trillion in assets under management as of June 30.

The firm said the CLARITY Act would create clearer rules for digital assets, helping investors better understand the protections available to them while giving companies greater certainty about which federal regulators oversee their activities. Franklin Templeton also said the legislation would deliver the regulatory clarity the crypto industry has long sought, reflecting how the debate in Washington has increasingly focused on whether existing U.S. securities and commodities rules can be applied consistently to digital assets.

Franklin Resources said on July 6 that preliminary assets under management rose to $1.79 trillion at the end of June from $1.78 trillion a month earlier. The increase was driven by $9 billion in long-term net inflows and was partially offset by market movements, distributions and other factors.

With its endorsement, Franklin Templeton joins BlackRock Inc. (NYSE: BLK), Fidelity Investments and Goldman Sachs Group Inc. (NYSE: GS), all of which have publicly backed the CLARITY Act.

Financial Giants Urge Congress to Set Clearer Crypto Rules

BlackRock Senior Managing Director and Global Head of Market Development Samara Cohen said the bill is an important step toward a digital asset framework that supports innovation while preserving transparency, resilient capital markets and investor protections.

Fidelity Investments, which oversees approximately $7.1 trillion in assets, also urged senators to approve the measure. The firm said a consistent national regulatory framework would encourage responsible innovation while giving investors and market participants greater certainty.

Support for the legislation also includes major Wall Street banks. Goldman Sachs CEO David Solomon endorsed the proposal, pointing to the banking industry’s growing interest in tokenization, digital asset custody, trading and blockchain-based financial services, according to his public endorsement.

Charles Schwab Corp. (NYSE: SCHW), one of the nation’s largest brokerage firms, similarly described the measure as a catalyst for broader digital asset adoption by financial institutions and retail investors while outlining its view of the industry’s future.

Updated CLARITY Act Outlines Federal Oversight

On July 22, Senate Republicans unveiled updated CLARITY Act text reflecting merged work from the Senate Banking Committee and the Senate Agriculture Committee as lawmakers sought broader support.

According to the bill’s official section-by-section summary, the proposal divides responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The framework sets out the regulatory treatment for securities and digital commodities and includes registration standards, customer protections, disclosure obligations and preserved anti-fraud enforcement authority. That structure is central to why the measure has drawn backing from firms across asset management, banking and brokerage, since it seeks to clarify which parts of the crypto market fall under which federal regulator without removing existing enforcement powers.