The CLARITY Act, the most consequential US crypto regulation bill before Congress, has united BlackRock, Goldman Sachs and four other major asset managers in support as Senate Majority Leader John Thune signals a vote before the August recess.
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CLARITY Act draws 6 asset managers as Senate vote nears on crypto
The CLARITY Act, the most consequential US crypto regulation bill before Congress, has united BlackRock, Goldman Sachs and four other major asset managers in support as Senate Majority Leader John Thune signals a vote before the August recess.
The Digital Asset Market Clarity Act, which would divide crypto oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, has drawn public endorsements from BlackRock, Goldman Sachs, Franklin Templeton, Fidelity, Schwab and Grayscale — an unprecedented coalition of traditional finance behind a single digital asset bill.
"The CLARITY Act is an important step toward establishing a regulatory framework for digital assets that puts investors first," Samara Cohen, Senior Managing Director and Global Head of Market Development at BlackRock, said in a statement provided to Politico.
The bill closes the "DINO loophole" targeting crypto platforms that claim decentralization to avoid anti-money laundering rules, Senator Cynthia Lummis said Saturday. It also includes a provision — Section 20216 — that protects self-custodied digital assets from being classified as abandoned property due to wallet inactivity, a feature Galaxy Digital Head of Research Alex Thorn called a "great section" that shields long-term holders from state escheat laws.
Senate Majority Leader John Thune said on Fox News that the chamber will "probably" hold a vote on the CLARITY Act before the August recess. With Republicans holding a slim majority, reaching 60 votes to overcome a filibuster remains uncertain. If the bill fails, observers expect the SEC and CFTC to proceed with updated rules rather than leave a regulatory vacuum.
The legislation formally divides digital asset oversight between two federal regulators. The SEC would retain authority over tokens classified as digital asset securities, while the CFTC would oversee digital commodities — a jurisdictional map that replaces a decade of contested enforcement-led policy.
Coinbase CEO Brian Armstrong described the bill as at the "one-yard line" of passage, while Goldman Sachs CEO David Solomon also voiced support. Coinbase Vice Chairman Ryan VanGrack highlighted BlackRock's endorsement on X, calling it a milestone for the industry.
Tom Lee, co-founder of Fundstrat Global Advisors, said the CLARITY Act could create clearer rules for Bitcoin, Ethereum and XRP, potentially strengthening the CFTC's role and encouraging more institutional involvement. He compared the legislation to a major regulatory shift that could define the next stage of crypto adoption.
What the Self-Custody Provision Means
Section 20216 of the CLARITY Act states that inactivity or lack of indication of interest by the owner of a digital asset lawfully held in self-custody shall not be grounds for the asset to be considered abandoned or subject to forfeiture under any federal, state or local law. The provision includes federal preemption, meaning it overrides any state law that would classify idle self-custodied assets as abandoned.
The protection arrives as BitMart became the third centralized exchange to announce a shutdown this month, following AscendEX and BitMEX. More than 30 crypto projects have shut down in 2026 so far, according to industry data.
This article is for informational purposes only and does not constitute investment advice.
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