Wall Street’s Crypto Expansion Seen Continuing Regardless of Senate CLARITY Act Vote

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Wall Street financial firms are poised to keep expanding their digital-asset businesses regardless of whether the U.S. Senate advances the CLARITY Act.

Chris Crawford, a partner in Fenwick’s digital assets practice, told CoinDesk on Sept. 14 that the CLARITY Act would significantly help Wall Street adopt the technology, but is not a necessary precondition.

If the bill passes, banks, brokerages and asset managers would gain clearer standards on whether digital assets fall under securities or commodities rules and how they can be traded. That, in turn, could speed traditional finance’s push into crypto markets through blockchain investment and the launch of tokenized products.