A group of financial firms managing north of $30 trillion in assets has endorsed the Digital Asset Market Clarity Act, the bill that would split digital asset oversight between the SEC and the CFTC. Supporters are pressing the Senate Banking Committee to move it before Congress leaves for its August recess, with 100 days left until the 2026 midterm elections.
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. Their collective assets under management exceed $30 trillion, with some estimates placing the combined figure closer to $50 trillion depending on how you count.
Congress is heading 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 would settle
The Digital Asset Market Clarity Act was formally introduced on May 29, 2025 and attempts to assign oversight responsibilities between the two agencies explicitly. It also layers in anti-money laundering requirements, a concession that likely made the bill more palatable to regulators and lawmakers who have long worried about crypto’s use in illicit finance.
The framework could help determine whether certain digital assets are treated as securities or commodities under federal oversight.
Fidelity and Goldman press the Senate
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. Goldman Sachs CEO David Solomon has also voiced support for the initiative, emphasizing the need for a structured market environment.
Most of these firms have already dipped their toes into crypto. 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, but their engagement has been constrained, deliberately limited to the safest corners of the market because the regulatory picture has been so murky.
One hundred days to the midterms
Crypto advocacy group Stand With Crypto said nearly 70% of crypto owners believe a candidate’s crypto stance will factor into their vote, while nearly 8 in 10 said they are almost certain to vote. Advocates said they have contacted Congress more than 1 million times in an effort to build support for the legislation.
The precedent supporters want to avoid: the FIT21 bill passed the House in 2024 with broad support and then languished in the Senate.
Sources: Crypto Briefing, Bitcoin News
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