Banks Quietly Welcome CLARITY Act Amid Lobbyist Opposition

Coinbase CEO Brian Armstrong is pushing back against criticism from banking trade groups who oppose the Digital Asset Market Clarity Act. According to Armstrong, most banks actually view the legislation as an opportunity.

Armstrong pointed out that while banking lobbyists publicly criticize the bill, individual banks are quietly supporting it. In fact, Coinbase has already partnered with five of the world's largest banks on crypto infrastructure development.

The CLARITY Act would divide regulatory oversight of digital assets between the SEC and the CFTC, laying groundwork for stablecoin regulations under the GENIUS Act. The bill has gained bipartisan support in Congress and is expected to come up for a vote by September 15.