Franklin Templeton Adds to Wall Street’s CLARITY Act Support
Financial giant Franklin Templeton, a subsidiary of Franklin Resources Inc. (NYSE: BEN), announced its endorsement of the CLARITY Act on July 27 after reporting $1.79 trillion in assets under management as of June 30.
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
Blackrock Senior Managing Director and Global Head of Market Development Samara Cohen described the bill as an important step toward a digital asset framework that supports innovation while preserving transparency, resilient capital markets, and investor protections, expanding on Blackrock’s backing of the legislation.
Fidelity Investments, which oversees approximately $7.1 trillion in assets, also urged senators to approve the measure, arguing that a consistent national regulatory framework would encourage responsible innovation while providing greater certainty for investors and market participants in its call to advance the Senate bill.
Backing for the legislation also includes major Wall Street banks. Goldman Sachs CEO David Solomon endorsed the proposal, highlighting the banking industry’s growing interest in tokenization, digital asset custody, trading, and blockchain-based financial services, according to his public endorsement of the proposal.
Charles Schwab Corp. (NYSE: SCHW), one of the nation’s largest brokerage firms, likewise characterized the measure as a catalyst for broader digital asset adoption by financial institutions and retail investors while outlining its vision for the industry’s future.
Updated CLARITY Act Defines Federal Oversight
Senate Republicans on July 22 unveiled updated CLARITY Act text reflecting merged work from the Senate Banking Committee and Senate Agriculture Committee as lawmakers pursued broader support.
According to the bill’s official section-by-section summary, the proposal assigns responsibilities across the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The framework defines regulatory treatment for securities and digital commodities while establishing registration standards, customer protections, disclosure obligations, and preserved anti-fraud enforcement authority.
