Armstrong Disputes WSJ Blame Over CLARITY Act Failure

Coinbase CEO Brian Armstrong disputed The Wall Street Journal's report that Coinbase and he were responsible for the failure of the CLARITY Act. According to Armstrong, the exchange supported the revised bill after lawmakers addressed its earlier concerns.

The Senate voted 49-50 on September 15 to advance the legislation, falling short of the 60 votes required. The Wall Street Journal reported that the bill's defeat followed disagreements over ethics provisions, stablecoin rewards, and other provisions affecting the digital-asset industry.

Armstrong argued that opposing an earlier version of the legislation in January was part of the legislative process. He claimed that subsequent negotiations produced a version that addressed Coinbase's stated concerns.

The CLARITY Act aimed to provide clearer rules for the cryptocurrency market. However, its failure has shifted attention toward regulatory action outside Congress.