Armstrong Tells Senators CLARITY Act Protects Crypto Users, Limits Regulatory Overreach

Coinbase CEO Brian Armstrong testified before senators on August 20, urging them to support the CLARITY Act. He argued that permanent legislation would protect crypto users and limit regulatory overreach by future administrations.

The Senate is scheduled to vote on the cloture motion for the CLARITY Act on September 15 at 2:15 p.m. Eastern. Cloture requires 60 votes, but Republicans hold only 53 seats in the Senate, meaning they need at least seven Democratic votes to succeed.

Armstrong claimed that statutory crypto rules would provide clarity and protect consumers from harmful products. He also said that the legislation would give law enforcement more tools against illicit activity and provide clearer rules for stablecoin rewards, digital-asset fundraising, and other products offered to consumers.