BlackRock backs CLARITY Act ahead of expected August Senate vote

BlackRock has sent a letter backing the CLARITY Act to U.S. political news outlet Politico, according to Politico. In the letter to Politico Morning Money, BlackRock Chief Investment Officer Samara Cohen said the CLARITY Act could be an important step toward establishing a regulatory framework for cryptocurrencies. Fidelity, Charles Schwab and Franklin Templeton, along with Goldman Sachs CEO, had previously also expressed support for the bill. The CLARITY Act is expected to face a vote in the full U.S. Senate in August. While Republicans, who are pushing the bill, hold a 53-47 majority, it needs 60 votes to pass, meaning Democratic support is required.