Schwab's $13T Endorsement Drops Just In Time For Crypto's Congressional Cliffhanger 🏛️

Charles Schwab, a brokerage firm overseeing $13 trillion in client assets, has publicly backed the CLARITY Act as Congress faces a tightening deadline before its August recess. Jim Ferraioli, director of digital currencies research and strategy at SCFR, issued a statement supporting the legislation, calling it "a critical moment for the long-awaited Clarity Act." He added that U.S. lawmakers "appear poised to finally drag the market structure bill across the goal line."

The bill would establish a separate regulatory framework dividing authority over digital assets between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). In May, the Senate Banking Committee advanced the measure with a 15-9 vote, though it has yet to be taken up by the full Senate.

Schwab's support follows its earlier expansion into crypto services through Schwab Crypto, which allows eligible clients to directly buy Bitcoin and Ethereum. The offering launched first with employees before gradually rolling out to eligible accounts across 48 U.S. states, underscoring the firm's growing demand for a defined digital asset regulatory framework.

Institutional engagement with crypto has continued to broaden in recent years, with major financial players publicly engaging in ongoing legislative discussions. The CLARITY Act has drawn attention from firms seeking clarity on whether specific digital assets fall under SEC or CFTC jurisdiction.