<h2 id="wall-street-coalition-backs-landmark-crypto-bill">Wall Street Coalition Backs Landmark Crypto Bill</h2>
<p>Franklin Templeton, one of the world's largest asset managers, has publicly endorsed the CLARITY Act, the most significant US crypto market structure legislation to date. <cite>The $1.79 trillion firm joins BlackRock, Fidelity, and Goldman Sachs in backing the bill.</cite> In its statement, <cite>Franklin Templeton said the legislation would clarify how crypto is regulated, so investors know what protections apply and businesses know which regulators oversee crypto.</cite></p>
<p><cite>The asset manager has been an active participant in the digital asset space, notably launching one of the first tokenized money market funds on a public blockchain.</cite> Its support signals that mainstream financial institutions are increasingly seeking regulatory certainty before deepening their involvement in digital assets.</p>
<h2 id="where-the-bill-stands">Where the Bill Stands</h2>
<p>The CLARITY Act, formally the Digital Asset Market Clarity Act of 2025, aims to resolve a long-standing jurisdictional dispute between US regulators. <cite>At a practical level, the bill seeks to classify digital assets based on their economic function and network characteristics, and divide authority between the SEC, the CFTC, and banking regulators.</cite><cite>It would give the CFTC a central role in regulating digital commodities and related intermediaries, while preserving certain aspects of SEC authority over primary market crypto transactions.</cite></p>
<p><cite>The House passed the CLARITY Act 294-134 on July 17, 2025, the most comprehensive crypto bill ever to clear a chamber of Congress.</cite><cite>The Senate Banking Committee approved the bill on May 14, 2026, by a reported 15-9 vote.</cite> However, <cite>the bill has stalled in the full Senate awaiting 60 votes for passage, and with the August recess looming, its passage in 2026 is increasingly uncertain.</cite></p>
<p><cite>A full Senate vote now hinges on three unresolved fights: stablecoin yield, DeFi oversight, and an ethics provision aimed at officials profiting from crypto.</cite> Nonetheless, the growing roster of institutional backers adds pressure on lawmakers to act. <cite>Franklin Resources Inc. reported more than $250,000 in first-quarter 2026 lobbying expenditures focused on digital asset market structure initiatives and stablecoin legislation.</cite></p>
<p><strong>Sources:</strong><br><a href="https://www.cryptotimes.io/2026/07/28/franklin-templeton-backs-clarity-act-as-senate-deadline-nears/" rel="noopener noreferrer nofollow">CryptoTimes: Franklin Templeton Backs CLARITY Act as Senate Deadline Nears</a><br><a href="https://www.blockchain-council.org/news/clarity-act-explained-us-crypto-regulation-digital-asset-markets/" rel="noopener noreferrer nofollow">Blockchain Council: CLARITY Act Explained</a><br><a href="https://www.congress.gov/crs-product/IN12583" rel="noopener noreferrer nofollow">Congress.gov: Overview of H.R. 3633, the CLARITY Act</a></p>

Franklin Templeton Backs CLARITY Act

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