BlackRock, Goldman Sachs, Fidelity back Clarity Act with $30 trillion firepower
In brief
- BlackRock, Goldman Sachs, Fidelity, Charles Schwab, and Grayscale endorsed H.R. 3633 Clarity Act.
- Coalition manages $30 trillion in combined assets, signaling institutional backing for regulatory clarity.
- Bill establishes SEC-CFTC jurisdictional lines and includes anti-money laundering requirements.
- Fidelity praised balanced framework; Goldman CEO David Solomon emphasized structured markets need.
Major Players Align on Regulatory Framework
BlackRock, Goldman Sachs, Fidelity, Charles Schwab, and Grayscale are among the firms endorsing H.R. 3633. The backing represents a rare alignment of institutional heavyweights on crypto regulation. Fidelity, which oversees approximately $7.1 trillion in assets, has offered crypto custody and trading for years. The firm called on the Senate to pass the legislation, describing the framework as balanced—a signal that established players see clarity as essential to institutional adoption.
Goldman Sachs CEO David Solomon has also voiced support for the initiative, emphasizing the need for a structured market environment. BlackRock's involvement carries particular weight given that the firm launched its spot Bitcoin ETF in early 2024, cementing its role as a bridge between traditional finance and digital assets.
What the Bill Does
The bill is designed to draw clear jurisdictional lines between the SEC and CFTC over digital assets. It also layers in anti-money laundering requirements, addressing regulatory concerns that have stalled prior efforts. Congress is barreling toward its August recess—a timing squeeze that could affect the bill's trajectory. The FIT21 bill passed the House in 2024 with broad support and then languished in the Senate, illustrating how easily crypto legislation can stall without sustained momentum.
The Clarity Act's institutional backing suggests a different calculus. When firms managing trillions in assets push for a framework, lawmakers take notice. The coalition's size and firepower make this endorsement more than symbolic—it's a statement that institutional finance sees regulatory certainty as a prerequisite for deeper crypto integration.
