Fidelity Investments has joined a growing coalition of crypto firms and financial industry groups urging the US Senate to pass the CLARITY Act, adding the backing of one of the world's largest asset managers to the campaign for comprehensive digital asset legislation.

In a statement released Friday, Fidelity's public policy team said clear rules for digital assets are needed to strengthen investor confidence, provide greater regulatory certainty for market participants and reinforce US leadership in global crypto markets.

Fidelity's endorsement adds fresh momentum to an increasingly coordinated industry effort to push the legislation through the Senate.

Earlier on Friday, the Crypto Council for Innovation, the Digital Chamber and the Blockchain Association jointly called on Senate leaders to bring the CLARITY Act to the floor for a vote. Coinbase CEO Brian Armstrong made a similar appeal earlier this week, urging lawmakers to hold a full Senate vote on the bill.

The latest endorsement is notable because it comes from one of traditional finance's largest institutions, signalling that support for clearer crypto regulation is extending beyond digital asset companies to mainstream financial firms.

Senate vote remains uncertain

The CLARITY Act would establish a comprehensive regulatory framework for digital assets in the United States, clarifying oversight responsibilities for the industry and providing legal certainty for businesses operating in the sector.

The legislation faces a challenging path in the Senate, where 60 votes are required for passage. Republicans currently hold a 52-47 majority and released updated bill text on Wednesday, but several Democratic lawmakers have argued that the revised ethics provisions still fall short of addressing potential conflicts of interest and corruption concerns.

Fidelity ranks as the world's third-largest asset manager, according to the Sovereign Wealth Fund Institute, and reported $7.1 trillion in assets under management in its 2025 annual report, making its support one of the most significant endorsements yet for the proposed legislation.