Fidelity Urges Senate to Pass CLARITY Act as Police Group Backs Revised Bill

Highlights:

• Fidelity urged the U.S. Senate to pass the CLARITY Act and provide clearer rules for digital assets.
• The National Fraternal Order of Police said the revised bill addresses its earlier law enforcement concerns.
• The proposal includes stronger crypto crime tools, consumer protections and clearer anti-money laundering requirements for authorities.

Fidelity Investments is urging the U.S. Senate to pass the CLARITY Act, saying clear crypto rules would boost investor confidence and support U.S. leadership in digital assets. In a July 24 statement on X, Fidelity said the country needs clear “rules of the road” for cryptocurrencies and related financial services. The company added that greater regulatory certainty would help investors, financial institutions and other market participants understand how federal laws apply to digital assets.

Fidelity urges Senate passage of the CLARITY Act. The time is now for clear rules of the road that are essential to strengthening investor confidence, providing certainty for market participants, and reinforcing U.S. leadership in global digital asset markets.

— Fidelity Public Policy (@FidelityPolicy) July 24, 2026

The National Fraternal Order of Police also backed the latest version of the bill on July 24. The organization represents more than 382,000 law enforcement members across the United States.

Police Group Says Previous Enforcement Concerns Were Addressed

In a letter to Senate Banking Committee Chairman Timothy Scott and Ranking Member Elizabeth Warren, FOP National President Patrick Yoes said the group had reviewed the revised bill. The organization previously raised concerns about language connected to the Blockchain Regulatory Certainty Act, commonly known as the BRCA. That proposal focuses on how the law should treat certain software developers and decentralized technology providers that do not directly control customer funds.

The FOP now believes the updated language protects law enforcement’s ability to investigate and prosecute illegal activity involving digital assets. The letter said the provisions do not prevent authorities from pursuing fraud, organized crime, money laundering or other criminal conduct. However, journalist Eleanor Terrett reported that the BRCA language remained unchanged in the latest version released earlier in the week. Therefore, it remains unclear which specific changes the FOP was referring to in its letter.

🚨NEWS: The National Fraternal Order of Police, one of the key law enforcement groups involved in negotiations over the Blockchain Regulatory Certainty Act, is now backing the latest version of the Clarity Act, saying revised BRCA language addresses its previous concerns and… pic.twitter.com/a0LWPk9u0H

— Eleanor Terrett (@EleanorTerrett) July 24, 2026

CLARITY Act Adds Crypto Crime and Consumer Protection Measures

The FOP highlighted several enforcement provisions included in the latest CLARITY Act proposal. These measures aim to help federal, state, and local agencies investigate crimes involving cryptocurrencies. The bill would create a grant program to improve digital asset enforcement at the state and local levels. It would also establish a national security and law enforcement training program and a digital asset cyber innovation center.

Other provisions focus on fraud involving crypto kiosks, which are machines that allow people to buy or transfer digital assets. The bill also includes measures designed to protect older people from scams and financial deception. The legislation would update how digital assets are treated under Bank Secrecy Act authorities related to monetary instruments. The FOP said the change would make existing reporting, anti-money laundering and enforcement requirements more clearly applicable to digital asset activity.

The proposal also provides certain legal protections for crypto companies and stablecoin issuers that temporarily delay suspicious transactions or respond to requests from law enforcement. Such delays could give investigators more time to stop fraudulent transfers, recover stolen funds or prevent assets from moving across different jurisdictions.

Fidelity Calls for Clearer U.S. Crypto Regulation

Fidelity’s support adds pressure on lawmakers to advance the Digital Asset Market Clarity Act. The company believes a clear federal framework would reduce uncertainty for businesses while giving investors greater confidence in regulated digital asset markets.

The FOP said its initial concerns had been addressed and called on lawmakers to pass the amended legislation. Its support could help reduce opposition linked to fears that protections for software developers might weaken criminal enforcement.

Lawmakers released a combined Senate draft on July 22. The updated text brings together proposals from the Banking and Agriculture committees and includes new ethics provisions. However, the CLARITY Act has not yet passed the full Senate. Its next major step is Senate floor consideration, where supporters will need enough bipartisan backing to move it forward.

I want to thank my Democratic colleagues for their important contributions to this draft, and express my commitment to reaching a deal in the coming days that will allow this legislation to become law.

Consumer protection and pro-innovation policy aren't opposites — this bill… pic.twitter.com/cvz7hgD2Yc

— Senator Cynthia Lummis (@SenLummis) July 22, 2026