Summary
A broad coalition spanning Wall Street, crypto-native industry and law enforcement rallied behind the Digital Asset Market Clarity Act on July 24, as the Senate entered a decisive two-week stretch before its August recess. Fidelity Public Policy — the government-affairs arm of Fidelity Investments, which oversees $7.1 trillion in managed assets and $18 trillion in assets under administration — publicly urged senators to pass the bill, framing comprehensive federal rules as necessary for investor confidence, commercial certainty and continued U.S. digital-asset leadership. Goldman Sachs CEO David Solomon added another institutional voice in support.
On the enforcement side, the 382,000-member National Fraternal Order of Police (FOP) endorsed the revised CLARITY Act, reversing its earlier opposition. In a July 24 letter to Senate Banking Chairman Tim Scott and ranking member Elizabeth Warren, FOP National President Patrick Yoes said the organization's concerns had been "satisfactorily addressed" after lawmakers clarified that protections for noncontrolling blockchain developers would not curtail criminal investigations, prosecutions or established criminal statutes. The FOP joins NOBLE (which endorsed earlier) and the Major County Sheriffs of America (which moved to neutral).
The endorsements land amid a narrowing window. Grayscale's head of research Zach Pandl warned the bill must clear the Senate in the next two weeks or "get drowned out by midterm election politics." Senate Majority Leader John Thune has signaled he intends to bring the merged bill to the floor regardless of Democratic support, but passage requires 60 votes; seven Democratic senators still object over ethics, enforcement and consumer-protection provisions. Prediction markets put the bill's 2026 passage odds in the low-to-mid 30s percent.
Key Facts
- Fidelity ($7.1T managed assets, $18T AUA, $37.7B 2025 revenue) urged Senate passage of CLARITY Act on July 24.
- Goldman Sachs CEO David Solomon added institutional support; Stand With Crypto reports 950,000 constituent contacts backing Senate action.
- 382,000-member National Fraternal Order of Police endorsed revised bill, reversing April opposition; concerns "satisfactorily addressed."
- FOP joins NOBLE (endorsed) and Major County Sheriffs of America (moved to neutral); a 70,000+ prosecutor/sheriff coalition still seeks changes.
- Revisions: protections for noncontrolling developers clarified not to curtail criminal investigations; safe harbor for voluntary suspicious-transaction holds; BSA obligations for covered exchanges/brokers/dealers.
- Title IX: grant program for state/local digital-asset enforcement, law-enforcement training, digital-asset cyber innovation center, elder-fraud protections.
- Grayscale's Pandl: bill must clear Senate in next two weeks (before August recess) or get "drowned out by midterm election politics."
- Senate needs 60 votes; seven Democratic senators still object (ethics, enforcement, consumer protection).
- Prediction markets put 2026 passage odds in the low-to-mid 30s percent.
- House passed its version (H.R. 3633) 294-134 in July 2025; Senate Banking advanced 15-9 in May.
Why It Matters
The endorsements materially widen the political coalition behind CLARITY beyond crypto-native advocates to encompass a $7 trillion asset manager, a Wall Street CEO and the country's largest police labor organization. That breadth matters for vote-counting: it strips the "crypto-industry bill" framing and reframes passage as something traditional finance and law enforcement both want, weakening the banking lobby's remaining arguments (the White House Council of Economic Advisers separately concluded stablecoin yields pose negligible threat to bank lending — a $2.1B shift in a $12T market).
The binding constraint remains the August-recess calendar and the 60-vote threshold. With midterm politics closing the window, the next two weeks are effectively the last realistic chance for comprehensive U.S. crypto market-structure legislation in 2026 — and failure would push the next plausible attempt toward 2027 or later, prolonging the regulatory uncertainty that has pushed crypto development offshore.