Schwab Seeks Senate Passage of Crypto Clarity Act

Charles Schwab has called on the US Senate to pass the Crypto Clarity Act, which would provide clearer regulatory boundaries for digital assets. This move is seen as a typical case of 'first scale, then rules,' with Schwab having deeply engaged in the distribution of crypto assets.

The company believes that clarifying the responsibilities of the SEC and CFTC will enable brokerages, asset managers, and custodians to more confidently design products, launch ETFs, and create compliant channels for asset allocation.

According to Schwab, the Crypto Clarity Act represents a change in regulation on a deeper level, signifying a transfer of pricing power. Whoever can integrate digital assets into the mainstream financial regulatory framework will retain control over trading, custody, and product pricing.