CLARITY Act Gains Momentum as Coinbase CEO Seeks Final Hurdle in Senate

Coinbase CEO Brian Armstrong returned to Capitol Hill in an effort to push through the CLARITY Act, a bill that would establish a federal regulatory framework for digital assets. According to Armstrong, the bill is 'at the one-yard line' and has gained significant bipartisan support.

In January, Coinbase withdrew its support from the bill due to stablecoin yield restrictions, but after a compromise in May, the company re-committed to backing the legislation.

The CLARITY Act currently holds 51 confirmed or likely yes votes in the Senate, with 9 Democratic votes still needed to reach the required 60. Republican support is largely unified, and Senate Majority Leader John Thune has confirmed that he will bring the bill to the floor before August 8.