Wall Street Giants and Senate Leaders Back Digital Asset Market Clarity Act to Establish U.S. Crypto Regulatory Framework
Major financial institutions, including BlackRock, Fidelity, and Goldman Sachs, have endorsed the Digital Asset Market Clarity Act, a landmark bill designed to provide regulatory certainty for the U.S. crypto industry. The administration announced the bill includes specific ethics provisions to manage the personal crypto interests of President Trump, who saw his income rise by 250% due to crypto holdings during his first year in office. Senate Digital Assets Subcommittee Chair Cynthia Lummis confirmed the bill is set for a floor vote the week of July 20th. While the administration approved the ethics rules, some Democrats, such as Senator Elizabeth Warren, expressed concern that the provisions may not be restrictive enough to prevent the president from profiting directly from the market. Conversely, Republican Senator Bernie Moreno argued that the ethics piece is a small portion of the overall bill and suggested Democrats offer amendments rather than focusing solely on the partisan draft. Despite the growing support from Wall Street, Senate Majority Leader John Thune has shifted focus to other priorities, potentially delaying the bill's immediate passage before the August recess.