SIFMA is the trade voice of US capital markets — representing the broker-dealers, banks, and asset managers that collectively underwrite, distribute, and trade the $47T+ in securities circulating in US financial markets. Founded in 2006 from the merger of the Securities Industry Association and the Bond Market Association, SIFMA engages Congress, the SEC, CFTC, Federal Reserve, Treasury, and international regulatory bodies on behalf of its 800+ member firms.
Structure and Membership
SIFMA’s membership includes virtually every major US financial institution with capital markets operations: Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America, Citigroup, BlackRock, Fidelity, Vanguard, and hundreds of regional broker-dealers and community banks. Membership is tiered by firm size and revenues. SIFMA is separately organized as SIFMA AMG (Asset Management Group) for investment management-focused issues.
SIFMA’s policy positions carry significant weight because they represent the collective voice of institutions with deep regulatory relationships, substantial lobbying resources, and — crucially — the operational expertise that regulators depend on when developing workable rules. When SIFMA testifies that a proposed rule would create operational difficulties, regulators listen because SIFMA members would implement any resulting rule.
Digital Assets Committee
SIFMA formed its Digital Assets Committee in 2019 as institutional interest in blockchain intensified. The committee includes senior representatives from BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley, and other major firms. Key functions:
Policy development: The committee develops SIFMA’s positions on digital asset regulation — which SEC proposals SIFMA supports, which it opposes, and what principles should guide digital securities market structure.
Regulatory engagement: Committee members and SIFMA staff meet regularly with SEC Division of Trading and Markets, CFTC staff, Treasury’s Office of Domestic Finance, and Congressional committee staff to convey industry positions.
Industry standards: SIFMA participates in operational working groups with DTCC, custodians, and infrastructure providers on digital asset market structure standards.
Key Policy Positions and Wins
SAB 121 reversal: SEC Staff Accounting Bulletin 121 (2022) required custodians to record digital assets held for clients as liabilities on their own balance sheets — effectively prohibiting banks from offering digital asset custody without punitive capital treatment. SIFMA, along with the American Bankers Association and other trade groups, lobbied vigorously for SAB 121 reversal. The Republican Congressional majority passed a resolution overturning SAB 121 (which President Biden vetoed); the new administration’s SEC under Chair Atkins withdrew SAB 121 in early 2025, clearing the path for major bank digital asset custody.
ATS (Alternative Trading System) modernization: SIFMA has advocated for SEC modernization of ATS rules to accommodate digital securities. Current ATS rules were written for traditional securities and create ambiguity for blockchain-based secondary markets. SIFMA’s recommended framework would create a clearer regulatory category for digital ATS operators.
T+1 implementation: SIFMA led industry coordination for the T+1 settlement transition (effective May 2024), working with DTCC and broker-dealers to update operational systems. The smooth implementation reinforced SIFMA’s role as the operational coordination body for market-wide transitions.
FIT21 support: SIFMA’s Digital Assets Committee supported the Financial Innovation and Technology for the 21st Century Act (FIT21), which passed the House in 2024 with bipartisan support. FIT21 would create a framework for digital asset commodity vs. security classification, providing the clarity that institutional market participants need.
SIFMA-Deloitte Reports
SIFMA and Deloitte have co-published annual reports on distributed ledger technology in capital markets since 2019. These reports document institutional adoption trends, regulatory gaps, and market structure proposals — serving as an authoritative industry reference that both Congressional staff and regulators cite. The reports consistently call for regulatory clarity, standardized digital asset classification, and ATS modernization as prerequisites for institutional tokenized asset market growth.
Differentiation from Crypto-Native Associations
SIFMA’s membership consists of traditional Wall Street institutions — not crypto-native firms. Its priorities reflect established market participants seeking regulatory frameworks that allow them to offer digital asset products to clients without operational or legal uncertainty. This differentiates SIFMA from the Blockchain Association (crypto-native advocacy) and creates a complementary dynamic: SIFMA provides the institutional credibility that moves regulators, while the Blockchain Association provides technical expertise on native crypto market structure.