With the CLARITY Act still stalled in the Senate, Senator Cynthia Lummis has gone on the offensive. The Wyoming Republican pushed back against banking industry claims that Wall Street opposes the bill.
Crypto commentator Amelie (@_Crypto_Barbie) amplified the Senator’s recent post in which she pushed back on that message and listed major financial institutions supporting the bill.
Lummis revealed that BlackRock, Goldman Sachs, Fidelity, Franklin Templeton, and SoFi all back the legislation. These are not fringe crypto firms. They are some of the largest and most influential financial institutions in the world. Their support signals that the CLARITY Act carries weight far beyond the crypto industry.
🚨 U.S. SENATOR CYNTHIA LUMMIS DROPS LIST OF FIRMS SUPPORTING THE CLARITY ACT:
✅BLACKROCK
✅GOLDMAN SACHS
✅FIDELITY
✅FRANKLIN TEMPLETON
✅SOFIPASS THE CLARITY ACT! 🇺🇸 pic.twitter.com/Lo23ggCPpZ
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) July 28, 2026
The Stakes Behind the Support
The firms backing the CLARITY Act collectively manage trillions in assets. BlackRock alone is the world’s largest asset manager. Goldman Sachs has deep ties to both Wall Street and Washington. Fidelity has been building crypto infrastructure for years. Franklin Templeton has launched tokenized funds on public blockchains. SoFi holds a national bank charter.
Assets like XRP, which operate within established financial networks, stand to benefit from the regulatory clarity the bill provides. The CLARITY Act would draw a statutory line between digital commodities and securities. It would give the CFTC jurisdiction over spot markets for sufficiently decentralized assets. That is a foundational change for the entire digital asset industry.
The banking lobby has fought hard against key provisions. JPMorgan CEO Jamie Dimon has publicly said that the banks will not accept the stablecoin yield compromise in the current draft. Lummis is directly pushing back on that narrative.
The Bill’s Current Position
The Senate Banking Committee advanced the CLARITY Act in May. It has since sat on the Senate calendar without a floor vote. Senate Majority Leader John Thune has prioritized Trump nominations and the Lindsey Graham Russia sanctions bill. Senate procedure limits the chamber to one contested bill at a time, leaving the CLARITY Act to wait.
Thune now says he does not expect the bill to pass before the August 8 recess, though he has expressed a desire to at least open floor debate before senators leave Washington.
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Looking Ahead
The window is narrow. Analysts widely consider early August the last realistic opportunity for passage in 2026. This pushes the timeline into a midterm election cycle, and Lummis believes a delay could push proper regulation to 2030.
With institutional giants publicly aligned behind the bill, the pressure on Senate holdouts is real. Lummis is making sure no one forgets it.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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