Charles Schwab Calls CLARITY Act a 'Fundamental Catalyst' as White House and Thune Clash Over Timing

Charles Schwab, the brokerage giant overseeing roughly $13 trillion in client assets, has endorsed the CLARITY Act, calling it a “really important fundamental catalyst” for the crypto industry that “needs to pass.” The endorsement comes as Schwab expands its own crypto offerings through Schwab Crypto, allowing clients to buy bitcoin and ether directly at a cost of 75 basis points per trade. The firm now has a tangible stake in how Washington resolves crypto market structure.

The Digital Asset Market CLARITY Act, which would split oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), passed the Senate Banking Committee by a 15-9 vote on May 14. However, the timeline for a full Senate vote remains uncertain. Senate Majority Leader John Thune told reporters this week that the bill is expected to miss its window before Congress’s summer break. “I would like to at least get Clarity started. We’ll see where the votes are,” Thune said.

In contrast, Patrick Witt, executive director of the White House Crypto Council, expressed optimism. “There’s that first week of August that the Senate is in session,” Witt said, arguing a floor vote could still happen before lawmakers leave town. Witt has reportedly deferred his Army National Guard training obligations to remain at the White House as negotiations continue.

The gap between Thune and Witt stems from unresolved issues, including government ethics provisions that would limit senior officials’ personal crypto holdings and disagreements over how stablecoin yield should be treated under the new framework. Senator Cynthia Lummis has indicated those sections remain open for revision. Senate leadership is prioritizing a bipartisan Russia sanctions and tariffs package next week, pushing CLARITY further down the queue. The White House did achieve an ethics deal, sharing terms with Senate Republicans on July 20-21, but Thune’s commitment to bring the bill to the floor before recess has slipped. If the bill cannot proceed this week, its next realistic shot is September’s three-week Senate session, extending a year-plus wait despite broad institutional backing from firms like Schwab and White House engagement.

Source: https://news.bitcoin.com/schwab-clarity-act-catalyst-white-house-thune/