Wall Street firms managing $30 trillion back the Digital Asset Market Clarity Act, pushing for SEC-CFTC jurisdiction lines before Congress' August recess.
A coalition of financial heavyweights managing north of $30 trillion in assets has thrown its weight behind the Digital Asset Market Clarity Act. BlackRock, Goldman Sachs, Fidelity, Charles Schwab, and Grayscale are among the firms endorsing H.R. 3633, a bill that aims to draw clear jurisdictional lines between the SEC and the 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.
The Digital Asset Market Clarity Act, introduced on May 29, 2025, assigns 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 who have long worried about crypto’s use in illicit finance.
Fidelity, which oversees about $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 investor confidence and U.S. competitiveness in global digital asset markets.
Goldman Sachs CEO David Solomon has also voiced support for the initiative. “We need a structured market environment,” Goldman CEO recently said.
The collective assets under management of the firms backing this bill exceed $30 trillion. Some estimates place the combined figure closer to $50 trillion depending on how you count.
Most of these firms already have crypto exposure. BlackRock launched its spot Bitcoin ETF in early 2024 and watched it become one of the most successful ETF launches in history. Fidelity has offered crypto custody and trading for years. Their engagement has been constrained by regulatory murkiness, deliberately limited to the safest corners of the market.
The Senate Banking Committee’s movement on the bill suggests genuine legislative momentum. The FIT21 bill passed the House in 2024 with broad support and then languished in the Senate. Supporters of H.R. 3633 are trying to avoid a repeat.
The CFTC currently has just one commissioner, leaving much of crypto enforcement to the SEC. A clear split – commodities at the CFTC, securities at the SEC – would give firms like those in the coalition the legal footing they have been waiting for.
The committee plans to mark up the bill in the coming weeks. No date has been set for a floor vote.
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