CLARITY Act Delay Won't Slow Crypto Momentum, Says Coinbase CEO

Coinbase CEO Brian Armstrong says that despite the delay of the CLARITY Act, progress in the crypto sector continues. The Senate's failure to advance the bill this week was disappointing for Armstrong, but he notes that regulators are providing more clarity as companies expand stablecoin use and markets for perpetual futures and tokenized real-world assets grow.

Armstrong said that 'the momentum behind this technology keeps growing with or without a congressional calendar.' He also pointed to growing adoption of digital assets by consumers. The CLARITY Act aims to establish a federal framework for digital assets, dividing oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The bill includes provisions on stablecoins, such as restrictions on interest or yield payments for simply holding those assets. However, activity-based rewards connected to payments, remittances, liquidity provision, staking, and loyalty programs could remain permitted when they are not structured like bank deposit interest.