Wall Street has finally picked a side. In late July, Fidelity publicly urged the Senate to pass the *CLARITY Act*. Shortly after, Goldman Sachs CEO David Solomon, BlackRock executive Samara Cohen, and Franklin Templeton also voiced their support. For these institutions, the bill serves a practical purpose: securities and certain token issuance activities remain under SEC oversight, while the spot market for digital commodities and related intermediaries would primarily fall under the CFTC. It also fills gaps in areas like issuance disclosures, platform registration, custody, and client asset protection rules. But endorsement is far from implementation. The House passed an earlier version in 2025 with a 294-134 vote, and the Senate Banking Committee advanced its version this May with a 15-9 vote. A 616-page merged text was only released on July 22. Currently, a full Senate vote is delayed due to scheduling and disagreements over ethical provisions, and discussions are expected to resume after the summer recess. Even if it’s eventually signed into law, the draft requires regulators like the SEC and CFTC to establish key rules within 360 days. Some provisions won’t take effect until 60 days after the final rules are published. Wall Street isn’t asking for the disappearance of regulation—it wants a framework where costs can be calculated, products can be approved, and accountability is clear when issues arise. The immediate benefit will go to compliant infrastructure, but don’t expect it to translate into new capital inflows overnight.