Armstrong Sees Mid-September as Crypto Regulatory Clarity Turning Point

Coinbase CEO Brian Armstrong believes that regulatory clarity for cryptocurrencies is on the horizon in the US, potentially coming as early as mid-September. According to Armstrong, this clarity will come either through a Senate vote or new rules from the SEC and CFTC.

Armstrong made these comments after a meeting with President Donald Trump and other crypto executives. He pointed out that there are two possible paths to regulatory clarity: a Senate vote on September 15, which would require more than 60 votes, or new rules from the CFTC and SEC on September 16.

The CFTC's Chairman Mike Selig has indicated that his agency will not wait indefinitely for Congress to act. He stated that the CFTC will utilize its existing authorities to establish a regime for crypto markets, which could allow both registered and non-registered exchanges to offer leveraged and margin trading under CFTC oversight.

The CLARITY Act, which is currently being considered by the Senate, has been stalled due to disagreements over ethics provisions and illicit finance rules. However, Armstrong believes that the administration's progress on crypto regulation will be durable if the bill passes on September 15.