Core Summary
According to CoinDesk, major Wall Street financial giants including BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have publicly stated their support for the crypto market structure bill known as the Clarity Act. This rare unified stance adds significant weight to Senate deliberations, but at the same time, the Senate’s time window is tightening, and whether the bill can pass in this session remains uncertain.
Event Details
CoinDesk reports that DRW CEO Don Wilson says regulators are fundamentally wrong in their understanding of crypto perpetual futures. Wilson points out that perpetual futures are not inherently high-risk crypto gambling tools, and that traditional financial markets and regulators should begin embracing this innovation.
Meanwhile, institutions including BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have jointly issued statements supporting the legislative framework of the Clarity Act. These institutions believe the bill provides necessary regulatory certainty for the crypto industry while protecting investor interests.
The core objective of the Clarity Act is to clarify the regulatory jurisdiction division between the SEC and CFTC over crypto assets, providing unified compliance standards for the industry. The bill has previously passed the House but faces procedural obstacles and bipartisan divisions in the Senate.
Senate Majority Leader John Thune previously stated that the bill may not be completed before the summer recess. However, the collective endorsement from Wall Street giants could shift the Senate’s legislative priorities. A Blockchain Association spokesperson points out that regulatory uncertainty is stifling innovation and investment, calling on Congress to act swiftly.
Panoramic Perspective
Wall Street giants collectively lobbying for crypto legislation marks a qualitative shift in the relationship between traditional finance and the crypto industry. Over the past few years, the crypto industry has been viewed as a challenger or disruptor to traditional finance, but the Clarity Act support list shows the two are moving toward integration rather than confrontation.
The participation of BlackRock and Fidelity is particularly noteworthy. As the world’s largest asset management firms, their involvement signals that cryptocurrency is moving from a fringe asset class into mainstream investment portfolios. This is not just political lobbying—it reflects business interests. These institutions have already invested heavily in crypto ETFs, custody services, tokenized funds, and other areas; regulatory certainty directly impacts their commercial returns.
From a regulatory perspective, the progress of the Clarity Act reflects the maturation of U.S. policymakers’ understanding of the crypto industry. The early “one-size-fits-all” regulatory approach is being replaced by a more refined framework. Clarifying the jurisdictional division between SEC and CFTC avoids both regulatory overlap and regulatory gaps.
However, the time window is indeed a critical variable. With the Senate summer recess approaching, if the bill cannot pass in this session, it may be delayed until fall or later. For the rapidly evolving crypto market, regulatory delay means continued uncertainty, which could affect the pace of institutional investor entry.
Multiple Perspectives
Supporters believe Wall Street’s collective endorsement is a sign of the crypto industry’s maturation. A Blockchain Association spokesperson points out: “Regulatory certainty is a prerequisite for institutional entry. The Clarity Act provides clear rules for the industry, which will attract more traditional capital into the crypto market.”
Cautious observers remind that specific bill provisions remain controversial. Former SEC Commissioner Hester Peirce warns: “While pursuing regulatory certainty, we cannot sacrifice investor protection. The regulatory framework for decentralized finance and stablecoins requires more detailed discussion—we cannot rush passage just to meet a deadline.”
Industry watchers note that Wall Street giants’ participation could shift Senate political calculations. When institutions like BlackRock and Goldman Sachs publicly endorse support, the political cost of opposition votes rises significantly. This may prompt more swing senators to shift toward the support camp.
Editor: GoodInfo Global News Team