Charles Schwab, managing $13 trillion, publicly backs the CLARITY Act as Senate leaders struggle to schedule a vote before August recess. Ferraioli sees price impact if passed.
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Charles Schwab, the brokerage firm overseeing $13 trillion in client assets, publicly endorsed the CLARITY Act on Thursday. Jim Ferraioli, director of digital currencies research and strategy at Schwab's SCFR arm, called it "a critical moment for the long-awaited Clarity Act" and said lawmakers "appear poised to finally drag the market structure bill across the goal line."
Schwab's support comes months after it launched direct crypto trading for eligible clients through Schwab Crypto, first for employees and then in 48 states. The firm now has a direct stake in a clear regulatory framework.
The CLARITY Act would split oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The bill passed the Senate Banking Committee in May by a 15-9 vote but has not reached the full Senate floor.
Time is the main risk. The Senate's August recess starts Aug. 10. Majority Leader John Thune admitted the schedule is tight and that the legislation lacks enough votes, though he said, "I would like to at least get Clarity started. We'll see where the votes are." Some observers expect the bill could slip to November amid election politics.
Patrick Witt, executive director of the White House Crypto Council, offered a more optimistic view. "There's that first week of August that the Senate is in session," he said, suggesting a floor vote could still happen before the break.
Negotiations continue over government ethics rules and the treatment of stablecoin yield. The Senate's calendar is filling with other priorities.
What happens next matters for crypto markets. Ferraioli said failure to pass the bill before Aug. 10 could delay it until after the midterms, while approval would likely revive the institutional adoption narrative and push bitcoin higher in the short term. He added that another postponement would "likely not have much impact on bitcoin's price, given that it sits near the bottom of a longish bear market."
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