Why It Matters

Fidelity is lobbying for favorable outcomes on three fronts: securing a clear regulatory framework through the Digital Asset Market Clarity Act, modernizing retirement plan administration through e-delivery provisions, and protecting itself from expanded systemic risk designations through FSOC reform.

Fidelity faces a rapidly shifting regulatory landscape where clarity on digital assets, modernized retirement rules, and limits on systemic risk designations directly affect its business model.

By the Numbers

Fidelity Investments reported $650,000 in in-house lobbying spending for Q3 2025, deploying a four-person team on retirement, financial regulation, and tax issues. Since 2003, Fidelity has filed 77 disclosures totaling nearly $50 million historically.

Jason Monroe Goggins

With former House Financial Services Committee counsel firm’s Jason Monroe Goggins leading the charge, Fidelity is positioned at the center of legislative negotiations where bipartisan momentum is building on digital assets.

Goggins brings 12+ years of House experience and prior roles at Goldman Sachs and FINRA.

Andrew Riker Vermilye has been with the team since 2005 and brings 3.5 years of Senate staff experience under Senator Patrick Leahy (D-VT).

Fidelity supplements its internal team with external firms including Capitol Tax Partners LLP, Akin Gump Strauss Hauer & Feld LLP, and Rich Feuer Anderson.

The Agenda

Fidelity Investments is lobbying on three core policy areas: digital asset regulation, retirement savings modernization, and financial regulation reform.

On digital assets, Fidelity testified before the House Ways and Means Committee on taxation and is lobbying on the Digital Asset Market Clarity Act of 2025 (H.R.3633), which establishes regulatory jurisdiction between the SEC and CFTC.

For retirement policy, Fidelity is pushing modernization through the One Big Beautiful Bill Act (H.R.1) and the Generating Retirement Ownership through Long-Term Holding Act (H.R. 2089 / S.1839), focusing on e-delivery and digital rollovers.

The firm is also lobbying on the Financial Stability Oversight Council Improvement Act of 2025 (H.R.3682), seeking to limit systemic risk designations for large asset managers.

Broader Context

Congress is moving decisively on digital asset regulation, with the Digital Asset Market Clarity Act (H.R. 3633) advancing through committees to establish clear SEC-CFTC boundaries. The House Ways and Means Committee held hearings on digital asset taxation, addressing staking rewards and stablecoins—issues where Fidelity testified directly.

The One Big Beautiful Bill Act (H.R.1) extended retirement tax provisions, creating momentum for modernizing retirement administration. Meanwhile, the Financial Stability Oversight Council Improvement Act (H.R. 3682) targets reform of designations for non-bank financial companies.

Competitive Landscape

Fidelity isn’t alone in these efforts. BlackRock Funds Services Group and Citadel Enterprise Americas Services are both heavily lobbying on identical legislation, particularly the Digital Asset Market Clarity Act, indicating coordinated industry pressure rather than competitive divergence.

The Bottom Line

Fidelity’s $650,000 Q3 lobbying spend reflects strategic positioning on three interconnected priorities that could reshape its regulatory environment. The firm’s digital asset push, led by Goggins’ Hill experience, comes as Congress advances bipartisan clarity legislation. Combined with retirement modernization efforts and FSOC reform, these priorities represent Fidelity’s attempt to secure operational flexibility while avoiding heightened regulatory scrutiny in a rapidly evolving financial landscape.

Spot something wrong? Report an issue with this article