Franklin Templeton Backs CLARITY Act, Joining BlackRock, Fidelity and Goldman Sachs

Franklin Templeton has added its name to a growing roster of major financial firms endorsing the CLARITY Act, bolstering Wall Street's push for a federal framework for digital assets as senators review revised language ahead of a possible floor vote. The asset manager, a unit of Franklin Resources Inc. (NYSE: BEN), said on July 27 it supports the measure after reporting $1.79 trillion in assets under management as of June 30. The firm said the bill would bring clearer rules for digital assets, spell out investor protections, and provide greater certainty for companies by defining which federal regulators oversee their activities. Franklin Templeton said the industry has long sought this kind of regulatory clarity. Franklin Resources previously reported on July 6 that preliminary assets under management rose to $1.79 trillion at the end of June from $1.78 trillion a month earlier, driven by $9 billion in long-term net inflows, partly offset by market moves, distributions and other factors. The endorsement aligns Franklin Templeton with BlackRock Inc. (NYSE: BLK), Fidelity Investments and Goldman Sachs Group Inc. (NYSE: GS), each of which has publicly supported the CLARITY Act. Charles Schwab Corp. (NYSE: SCHW) has also backed the legislation. BlackRock Senior Managing Director and Global Head of Market Development Samara Cohen called the bill a meaningful step toward a digital asset framework that supports innovation while maintaining transparency, resilient capital markets and investor protections. Fidelity, which oversees about $7.1 trillion in assets, urged senators to advance the measure, arguing a consistent national regulatory framework would encourage responsible innovation and improve certainty for investors and market participants. Goldman Sachs CEO David Solomon endorsed the proposal, pointing to increasing interest across banking in tokenization, digital asset custody and trading, and blockchain-based financial services. Schwab said the measure could accelerate broader digital-asset adoption by financial institutions and retail investors. Senate Republicans released updated CLARITY Act text on July 22, reflecting combined work from the Senate Banking Committee and the Senate Agriculture Committee as lawmakers seek broader support. A section-by-section summary says the bill would divide oversight responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), set regulatory treatment for securities and digital commodities, and establish registration standards, customer protections, disclosure obligations and preserved anti-fraud enforcement authority.