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Aave, Fidelity and Wall Street firms back U.S. CLARITY Act

Aave, Fidelity and Wall Street firms back U.S. CLARITY Act

Support for the crypto market-structure bill has widened to Ripple and Senator Cynthia Lummis, who is highlighting tougher Treasury sanctions powers, AML rules and enforcement funding in updated text.

AAVE

Fact Check
The Crypto Times article and Kulechov's verified X post confirm the Aave founder is actively pressing for the CLARITY Act with intensified DC lobbying. Crypto Briefing confirms all five named firms (BlackRock, Goldman Sachs, Fidelity, Charles Schwab, Grayscale) are backing the bill before the August recess, and independent search corroboration (Coin Bureau and others) lists exactly the same firms. The claim about Senate timing narrowing and debate over final provisions matches the Crypto Times report of an ethics-enforcement deadlock with no expected pre-recess passage. All core elements of the claim are supported by multiple sources.
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Summary

Support for the U.S. Digital Asset Market Clarity Act, or CLARITY Act, has broadened to include Ripple CEO Brad Garlinghouse, Ripple Chief Legal Officer Stu Alderoty, Ripple global co-head of public policy and government Lauren Belive and Senator Cynthia Lummis, alongside earlier backers including Aave founder and CEO Stani Kulechov, Fidelity Investments, BlackRock, Goldman Sachs, Charles Schwab and Grayscale. The bill, H.R. 3633, aims to clarify regulatory boundaries between the SEC and CFTC, address DeFi through protections for non-custodial developers, and add anti-money laundering requirements. Lummis has also promoted updated text she released on July 22, 2026, saying the measure would expand Treasury sanctions authority over foreign digital-asset firms tied to illicit finance, create a safe harbor for firms that freeze suspicious transactions, extend Bank Secrecy Act requirements to digital-asset exchanges and certain DeFi platforms, and provide $300 million for FinCEN and state and local law enforcement. The House passed the bill 294-134 on July 17, 2025, and the Senate Banking Committee advanced it 15-9 in May 2026, but the legislative outlook remains uncertain as some Senate Democrats seek stronger safeguards and Senate timing remains in question.

Terms & Concepts
  • DeFi: Decentralized or blockchain-based financial services that operate through software rather than traditional financial intermediaries.
  • Bank Secrecy Act: U.S. law requiring financial institutions to help detect and report potential financial crimes.
  • FinCEN: The Financial Crimes Enforcement Network, a U.S. Treasury bureau focused on combating money laundering and other financial crimes.