Why It Matters

[Fidelity Investments](https://app.legis1.com/organizations/detail?clientLobbyActorId=63413&organizationId=35084#summary, as a major 401(k) provider and asset manager, has direct stakes in financial regulation, retirement savings, and tax policy.

Fidelity’s lobbying directly affects emerging digital asset frameworks, particularly H.R.3633 (Digital Asset Market Clarity Act), which determines SEC and CFTC regulatory authority over cryptocurrency markets. The company also influences retirement savings expansions like the Retirement Savings for Americans Act and HSA eligibility rules under H.R.3080—policies that expand potential customer bases for Fidelity’s core products.

By the Numbers

Fidelity Investments reported Q3 2025 in-house lobbying expenditures of $650,000. The company has filed 77 in-house disclosures since 2003, focusing on retirement policy, financial services regulation, and tax matters. Fidelity maintains partnerships with external firms including Capitol Tax Partners LLP, Akin Gump Strauss Hauer & Feld LLP, and Brownstein Hyatt Farber Schreck LLP.

Fidelity’s in-house team comprises four registered lobbyists with substantial Hill experience:

The Agenda

Fidelity Investments is lobbying on several interconnected financial policy areas. Primary Q3 2025 focus centers on digital asset regulation, particularly H.R.3633, the Digital Asset Market Clarity Act, establishing dual SEC-CFTC regulatory framework.

The company also advocates for retirement savings enhancements, modernized financial disclosure delivery via H.R.2441 and S.1877, systemic risk oversight through H.R.3682, and H.R.3080 expanding Health Savings Account usage.

Broader Context

Congress is reshaping financial services regulation amid competing priorities. President Trump signed the GENIUS Act in July 2025, creating the first federal stablecoin framework. However, broader market structure legislation stalled in the Senate despite House passage, with industry officials acknowledging passage would require a "miracle."

In retirement policy, legislative momentum continues with SECURE 2.0 provisions taking effect in 2025. HSA expansion achieved wins through the One Big Beautiful Bill, expanding eligibility and contribution flexibility.

Between The Lines

Congress advances digital asset regulation amid bipartisan momentum but faces headwinds. House Agriculture and Financial Services Committees held joint hearings culminating in H.R.3633. The House Ways and Means Committee featured Fidelity testimony on digital asset taxation.

On retirement policy, Congress considers the Retirement Savings for Americans Act creating automatic enrollment and government matching for workers lacking employer plans.

Competitive Landscape

Fidelity faces significant competitive lobbying from major financial peers. State Street, BlackRock, and Citadel all filed Q3 2025 disclosures on digital asset regulation. Groups like the Investment Company Institute lobby on overlapping issues including e-delivery and systemic risk regulation.

The Bottom Line

Fidelity Investments invested $650,000 in Q3 2025 lobbying across digital assets, retirement savings, and tax policy. The company’s experienced in-house team actively shapes cryptocurrency regulation through the Digital Asset Market Clarity Act, while maintaining focus on retirement plan enhancements and HSA expansion. Fidelity’s strategic positioning reflects standard industry practice as major asset managers coordinate on financial services regulation.