The CLARITY Act's advance toward a Senate vote has triggered a rally in Bitcoin and Ethereum, with five Wall Street firms managing $50 trillion in assets backing the legislation.
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Bitcoin, Ethereum rally as CLARITY Act nears Senate vote on $50 trillion
Bitcoin and Ethereum rose as the US Senate moved closer to a vote on the CLARITY Act, a regulatory framework backed by five Wall Street asset managers with a combined $50 trillion under management.
"The CLARITY Act would create the first full legal system for digital assets in the United States," Senator Cynthia Lummis said after releasing updated text on July 22. The Wyoming Republican's draft merges work from the Senate Banking and Agriculture committees.
The House approved its version, H.R. 3633, by a 294-134 vote in July 2025. The Senate Banking Committee advanced its companion bill 15-9 in May 2026. The legislation would split digital-asset oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission while imposing anti-money-laundering requirements on major intermediaries. A proposed compromise would prohibit passive interest on stablecoin balances while permitting certain transaction-linked incentives. The bill also preserves existing securities laws for tokenized stocks.
The legislation needs 60 votes to clear the Senate's procedural threshold before the August recess, a timeline complicated by Democratic concerns over ethics provisions and investor protection gaps flagged by Senator Elizabeth Warren. Banking groups have also raised concerns that stablecoin incentives could draw deposits away from regulated institutions.
Five firms — BlackRock, Charles Schwab, Fidelity, Goldman Sachs, and Grayscale — have expressed support for the legislation, though not through a coordinated declaration. Their combined $50 trillion in assets under management compares with the global cryptocurrency market's $2.2 trillion valuation, illustrating the scale of institutional interest in a federal framework.
Fidelity Public Policy urged lawmakers to pass the bill, arguing clear rules would strengthen investor confidence. Goldman Sachs CEO David Solomon said the framework could promote market stability despite its imperfections. Grayscale described the CLARITY Act as a legal foundation for developers, token issuers, and regulated intermediaries. Charles Schwab strategist Jim Ferraioli identified the measure as a key driver for Bitcoin and broader institutional adoption.
Each firm's interest reflects a different commercial angle. BlackRock focuses on tokenized assets and exchange-traded products. Fidelity and Grayscale operate crypto custody and brokerage services. Goldman Sachs provides prime brokerage for digital assets. Charles Schwab offers crypto exposure through ETFs and futures. The legislation would create a single federal standard replacing the current patchwork of state-by-state rules.
A potential Federal Reserve rate hike adds uncertainty to the rally's sustainability. Higher rates typically reduce appetite for risk assets, including cryptocurrencies. If the CLARITY Act passes, it could drive sustained institutional inflows across major crypto assets. If it stalls, the regulatory vacuum may persist until the next legislative session, leaving US digital-asset markets under the current patchwork of state and federal rules.
This article is for informational purposes only and does not constitute investment advice.
[1] Bitcoin, Ethereum Soar as CLARITY Act Edges Closer, but Will a Fed Hike End the Rally?[2] Wall Street Asset Managers Back Crypto CLARITY Act as Senate Deadline Nears[3] Sen. Cynthia Lummis says the Clarity Act will create the first full legal system for crypto stablecoins[4] US Senate committees set Jan. 15 markups on sweeping crypto market structure bill[5] US Senate Discloses Landmark Crypto Market Structure Bill, Eyes Passage By Late 2025
