A coalition of financial giants including BlackRock, Goldman Sachs, Fidelity, Charles Schwab, and Grayscale is backing the Digital Asset Market Clarity Act (H.R. 3633), a bill aimed at establishing clear regulatory jurisdiction over digital assets. The combined assets under management of these firms exceed $30 trillion, with some estimates placing the figure closer to $50 trillion. The bill, formally introduced on May 29, 2025, seeks to delineate oversight responsibilities between the SEC and the CFTC while incorporating anti-money laundering requirements. The coalition is applying pressure to advance the legislation through the Senate Banking Committee before Congress adjourns for its August recess. BlackRock launched its spot Bitcoin ETF in early 2024, while Fidelity manages approximately $7.1 trillion in assets.
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