A coalition of financial heavyweights managing north of $30 trillion in assets has thrown its weight behind the Digital Asset Market Clarity Act, sending what might be the loudest signal yet that Wall Street wants crypto’s regulatory gray zone to end. BlackRock, Goldman Sachs, Fidelity, Charles Schwab, and Grayscale are among the firms endorsing H.R. 3633, a bill designed to draw clear jurisdictional lines between the SEC and CFTC over digital assets.

The timing is deliberate. Congress is barreling toward its August recess, and supporters of the legislation are applying pressure to keep the bill moving through the Senate Banking Committee before lawmakers scatter for the summer.

What the Clarity Act actually does

The Digital Asset Market Clarity Act, formally introduced on May 29, 2025, attempts to solve this by explicitly assigning oversight responsibilities between the two agencies. It also layers in anti-money laundering requirements, a concession that likely made the bill more palatable to regulators and lawmakers who’ve long worried about crypto’s use in illicit finance.

Fidelity, which oversees approximately $7.1 trillion in assets, has been one of the most vocal supporters. The firm called on the Senate to pass the legislation, describing the framework as balanced and arguing it would bolster both investor confidence and US competitiveness in global digital asset markets.

Goldman Sachs CEO David Solomon has also voiced support for the initiative, emphasizing the need for a structured market environment.

Why $30 trillion in AUM matters here

The collective assets under management of the firms backing this bill exceed $30 trillion, with some estimates placing the combined figure closer to $50 trillion depending on how you count.

Most of these firms have already dipped their toes into crypto. BlackRock launched its spot Bitcoin ETF in early 2024 and watched it become one of the most successful ETF launches in history. Fidelity has offered crypto custody and trading for years. But their engagement has been constrained, deliberately limited to the safest corners of the market because the regulatory picture has been so murky.

The institutional floodgates thesis

The Senate Banking Committee’s movement on the bill suggests genuine legislative momentum. The FIT21 bill passed the House in 2024 with broad support and then languished in the Senate. Supporters of H.R. 3633 are clearly trying to avoid a repeat.