Wall Street giants back the crypto regulatory bill, the “Clarity Act”

Deep Tide TechFlow news: On July 29, according to CoinDesk, Wall Street giants including BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have recently publicly supported the digital asset regulatory bill 《Clarity Act》, calling on Congress to pass the legislation to establish a clear regulatory framework for the crypto industry. The above institutions said that clear rules will protect investors, provide regulatory certainty for businesses, and help the United States maintain competitiveness during the mainstreaming of digital assets.

The bill is intended to reshape the SEC and CFTC’s regulatory authority over digital assets, but there are divisions within Wall Street. JPMorgan supports tighter restrictions on stablecoin yield, which differs from the positions of crypto firms such as Coinbase; they worry that the proposed changes could weaken the effectiveness of the legislation. The Senate will recess on August 8; for now, the legislative schedule is focused on judicial nominations and the Russia sanctions case, and the time window for the bill to move forward is narrowing.