BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have publicly backed the Digital Asset Market Clarity Act, legislation that would set a new regulatory framework for U.S. crypto assets and clarify the responsibilities of the SEC and CFTC. The endorsements come as the Senate works to advance the bill before its August recess. The legislation has exposed a split within traditional finance. Asset managers and some banks support the measure, while JPMorgan Chase has advocated for modifications to stablecoin rules that it says could advantage issuers over traditional deposits. Coinbase and other crypto firms contend the changes would weaken the bill and slow U.S. digital asset development. Franklin Templeton wrote on X that the legislation would clarify crypto regulation and give investors certainty. Fidelity said the act would provide clear rules of the road to strengthen investor confidence and reinforce U.S. leadership in digital asset markets. BlackRock senior managing director Samara Cohen told Politico that the bill is an important step toward a regulatory framework that puts investors first and shapes the next era of market structure. Goldman Sachs CEO David Solomon said the act, while not perfect, would create a level playing field and enhance market stability, allowing crypto markets to develop appropriately. SoFi CEO Anthony Noto noted that durable rules are critical for U.S. global competitiveness, protect consumers and allow safe building under domestic regulation. Updated legislative text released last week merged House and Senate versions and introduced ethics restrictions for senior officials involved in crypto matters, a point of contention as lawmakers debate the scope of the proposal relative to President Donald Trump’s crypto business interests. Senate Majority Leader John Thune has shifted focus to judicial nominations and a Russia sanctions package, leaving the Clarity Act without scheduled floor time. The Senate is set to begin its summer recess on August 8, giving legislators only a few days to act before the break. Because the bill must pass before the August 8 recess, its fate remains uncertain as the Senate agenda is currently dominated by other priorities.