American multinational investment management holding company Franklin Templeton has thrown its weight behind the Clarity Act, the much-talked-about cryptocurrency legislation that so far remains on shaky ground.
The company, which boasts a whopping $1.7 trillion in assets under management, claims that the bill will make it "clear" how crypto is regulated.
Multiple major asset managers and investment firms have supported the Clarity Act.
BlackRock, the world’s largest asset manager with more than $15 trillion worth of assets under management, has publicly backed the bill as an "important step." Mutual fund giant Fidelity has also praised the bill, arguing that it would ensure investor confidence and market certainty. Moreover, Fidelity also stressed that the legislation would bolster the US leadership in the realm of digital assets.
As reported by U.Today, Goldman Sachs CEO David Solomon has also supported the bill despite some fierce opposition from some of his peers (such as JPMorgan's Jamie Dimon). The much-talked-about legislation would make it less challenging for major financial institutions to participate in the nascent industry, according to Solomon.
Of course, their support is not surprising, given that these companies have skin in the game by being directly involved in crypto.
More opposition
Meanwhile, there are more voices opposing the Clarity Act. NY Attorney General Letitia James has spoken out against the legislation. She has argued that it would "neuter" state and local law enforcement efforts.
Unclear path
It is still not clear whether the bill will be signed into law this year (and this looks increasingly unlikely, according to Polymarket odds). Sen. Rugen Gallego (D-AZ) has stated there are updates regarding the crypto ethics deal. Lawmakers are currently busy finalizing the text.
Among the 100 senators, some of the strongest critics of the bill include Elizabeth Warren (D-MA), Chris Murphy (D-CT), and Chris Van Hollen (D-MD).
Dan Burgin
U.Today Editorial Team
