A coalition of financial heavyweights managing north of $30 trillion in assets has thrown its weight behind the Digital Asset Market Clarity Act, sending what might be the loudest signal yet that Wall Street wants crypto’s regulatory gray zone to end. BlackRock, Goldman Sachs, Fidelity, Charles Schwab, and Grayscale are among the firms endorsing H.R. 3633, a bill designed to draw clear jurisdictional lines between the SEC and CFTC over digital assets.
The timing is deliberate. Congress is barreling toward its August recess, and supporters of the legislation are applying pressure to keep the bill moving through the Senate Banking Committee before lawmakers scatter for the summer.
What the Clarity Act actually does
The Digital Asset Market Clarity Act, formally introduced on May 29, 2025, attempts to solve this by explicitly assigning oversight responsibilities between the two agencies. It also layers in anti-money laundering requirements, a concession that likely made the bill more palatable to regulators and lawmakers who’ve long worried about crypto’s use in illicit finance.
Fidelity, which oversees approximately $7.1 trillion in assets, has been one of the most vocal supporters. The firm called on the Senate to pass the legislation, describing the framework as balanced and arguing it would bolster both investor confidence and US competitiveness in global digital asset markets.
