Wall Street backs US Digital Asset Market Clarity Act as Russia drafts crypto custody rules

Major U.S. investment firms including BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have jointly urged Congress to pass the Digital Asset Market Clarity Act, arguing that clear rules will protect investors, give certainty to firms and keep the United States competitive in the expanding digital‑asset market. The supporters contend that the legislation would define the roles of the SEC and CFTC for crypto assets and address internal tensions within traditional finance, such as JPMorgan’s dispute with Coinbase over stable‑coin regulations.

Separately, the Bank of Russia has released a draft framework to regulate the custody and registration of cryptocurrencies. The proposal creates a new class of “digital depositaries” subject to capital requirements of 50‑250 million roubles, and it outlines oversight mechanisms for exchanges and issuers. The rules are intended to accompany a broader crypto‑law expected to take effect in September, aiming to bring the Russian digital‑asset market in line with traditional financial standards.