Wall Street's $30 Trillion Coalition Seeks Clarity on Crypto Regulation
A coalition of financial heavyweights has thrown its weight behind the Digital Asset Market Clarity Act, which aims to draw clear jurisdictional lines between the SEC and CFTC over digital assets.
The firms managing north of $30 trillion in assets, including BlackRock, Goldman Sachs, Fidelity, Charles Schwab, and Grayscale, are backing H.R. 3633, a bill formally introduced on May 29, 2025.
The legislation attempts to solve the regulatory gray zone by explicitly assigning oversight responsibilities between the two agencies, as well as layering in anti-money laundering requirements.
Fidelity has been one of the most vocal supporters, calling on the Senate to pass the legislation and describing the framework as balanced. It would bolster both investor confidence and US competitiveness in global digital asset markets, according to Fidelity.