CLARITY Act Nears Senate Vote Amid Broad Industry Support
Coinbase CEO Brian Armstrong believes the CLARITY Act will gain Senate support for its September 15 vote. He says crypto firms, law enforcement groups, and several banks widely back the legislation, which would divide federal oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill aims to create a federal market structure for digital assets.
The SEC would oversee tokens treated as securities, while decentralized digital commodities like Bitcoin would fall under the CFTC. Armstrong expects clearer rules even if Congress does not advance the measure, citing regulators' readiness to publish rulemaking around the vote or shortly afterward.
Negotiators are close to a solution on ethics provisions, which remain part of the discussions ahead of the scheduled vote. Democratic Senator Ruben Gallego suggests that stronger ethics legislation could help the bill reach the 60-vote threshold.