Schwab Backs CLARITY Act Despite Timing Dispute in Washington

Charles Schwab, which oversees $13 trillion in client assets, is calling the CLARITY Act a 'fundamental catalyst' for the crypto market.

The company's endorsement comes as it has become a direct participant in the market with its rollout of Schwab Crypto this year, allowing clients to buy Bitcoin and Ether directly at a cost of 75 basis points per trade.

However, Senate Majority Leader John Thune said the bill is expected to miss its window before Congress's summer break, contradicting Patrick Witt, executive director of the White House Crypto Council, who expressed optimism about a floor vote in the first week of August.

The CLARITY Act would split oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), an idea that has been met with some hesitation due to unresolved fights over government ethics provisions and stablecoin yield treatment.