Fidelity, the world’s leading asset manager with $7 trillion in assets under management, has officially urged the United States Senate to swiftly pass a crypto bill known as the CLARITY Act. The public demand first surfaced in a post by the @WatcherGuru account on X, which quickly gathered 7,822 likes and 923 retweets. The push comes just as market participants are gauging their lobbying strength in Washington.
Fidelity’s move reinforces the stance of traditional finance in demanding legal certainty. The firm is now aligning with other Wall Street heavyweights, following Goldman Sachs, which had previously voiced its support. Both firms spoke out after the draft CLARITY Act stalled and failed to pass before the August Congressional recess, a setback that has intensified pressure from the crypto industry on politicians.
Crypto Issuance Ban Until 2029
Behind Wall Street’s aggressive push, the CLARITY Act contains provisions that directly restrict government officials. The latest 616-page draft firmly blocks government insiders from the crypto industry, barring federal officials - including the president, vice president, members of Congress, and federal judges - from issuing or sponsoring any form of digital assets.
The ban is not permanent, but is set to remain binding until January 20, 2029. To ensure compliance among policymakers, the legislation outlines specific penalties for ethics violations, subjecting any US official who breaches these terms to a $250,000 fine.
Senate Faces Wall Street Money
Fidelity’s demand introduces a new political dilemma on Capitol Hill. The involvement of the $7 trillion fund manager proves that crypto regulation is no longer a fringe discussion, but a concrete demand from traditional finance’s largest capital holders, who refuse to wait any longer after the recess deadline passed without tangible results.
For lawmakers, the 616-page draft forces a difficult choice. On one hand, they face pressure from trillions of dollars demanding immediate passage. On the other hand, the very same legislative document would restrict their own financial activities through early 2029, backed by the threat of a quarter-million-dollar fine. For lobbyists in the capital, the battle comes down to one final question: whether Senate members are willing to sign off on rules that tie their own hands.
Reported by @WatcherGuru on X.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
