Franklin Templeton backs the CLARITY Act

Franklin Templeton said on July 27 that it supports the CLARITY Act, arguing the bill would create clearer digital-asset rules, help investors understand available protections and give companies more certainty over which federal regulators oversee their operations. The endorsement adds another major traditional asset manager to a Wall Street coalition that includes BlackRock, Fidelity Investments, Goldman Sachs Group and Charles Schwab, with the latest push also highlighting support from SoFi. BlackRock senior managing director and global head of market development Samara Cohen called the proposal an important step toward a digital-asset framework that puts investors first, while Goldman Sachs CEO David Solomon said the bill, though imperfect, would help create a level playing field and support market stability. The legislation would establish a new framework for how the Securities and Exchange Commission and Commodity Futures Trading Commission oversee the sector, a shift supporters say would replace years of regulatory ambiguity with clearer statutory rules. At the same time, the debate is exposing divisions within traditional finance: JPMorgan Chase has clashed with Coinbase over tighter restrictions around stablecoin yield and has supported banking-industry changes that crypto firms say would weaken the bill and slow innovation. The House passed the bill in July 2025 by a 294-134 vote, and the Senate Banking Committee approved it 15-9 in May, but the measure still faces a difficult path in the Senate, where 60 votes are needed and no Democratic crossover support had been publicly committed as of this week. Senate Republicans released updated text on July 22 that would, for the first time, restrict presidential crypto profits by barring covered officials, including the president and members of Congress, from issuing or sponsoring digital assets for compensation while in office through January 20, 2029, but Democrats rejected the provision as too weak given President Trump’s crypto holdings. Senate Majority Leader John Thune said on July 23 that he does not expect the bill to pass before the early-August recess, and Galaxy Research has cut its odds of 2026 passage to around 30%.