Schwab Backs Clarity Act as Crypto Industry Catalyst

Charles Schwab, the brokerage giant overseeing $13 trillion in client assets, has called the CLARITY Act a 'really important fundamental catalyst' for the crypto industry.

The endorsement comes as Schwab itself has become a direct participant in the market, offering clients the ability to buy Bitcoin and Ether directly at 75 basis points per trade through its Schwab Crypto platform.

Despite this confidence, there's still uncertainty in Washington over the bill's timing. Senate Majority Leader John Thune said the CLARITY Act is expected to miss its window before Congress's summer break.

However, Patrick Witt, executive director of the White House Crypto Council, remains optimistic, suggesting that a floor vote could still happen before lawmakers leave town in August.