Charles Schwab, which manages $13 trillion in assets under administration for clients, has jumped on board the bandwagon of the pro-crypto CLARITY Act. It comes as legislators have ramped up pressure to act before Congress’ August recess.
Jim Ferraioli, director of digital currencies research and strategy at SCFR, said in a note to clients that the proposed legislation is “a critical moment for the long awaited Clarity Act,” adding that “the U.S. Congress appears poised to deliver the market structure bill.”
It follows the brokerage’s recent expansion of its crypto services via Schwab Crypto, which allows qualifying clients to directly purchase Bitcoin and Ethereum. It began with a pilot program among employees, followed by the gradual roll-out to thousands of other eligible accounts across 48 of the 50 states.
Schwab’s crypto custody business is a growth area for the company, which like many traditional finance executives, has grown increasingly frustrated with the SEC’s regulatory uncertainty over crypto assets.
The clarity act would create a separate oversight agency for the SEC and CFTC. The Senate Banking Committee passed the long awaited bill in May, with a 15-9 vote, but it has yet to get approval from the full Senate.
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