CLARITY Act Nears Vote in US Senate Amid Industry Lobbying

Coinbase CEO Brian Armstrong has reiterated his support for the CLARITY Act, a legislative initiative aimed at providing a structured legal framework for digital assets in the United States.

The bill has already passed the House of Representatives with a vote of 294 in favor and 134 against, and is set to face a procedural cloture motion vote in the Senate on September 15. The proposed regulatory framework would assign joint supervisory authority to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Armstrong believes that the lack of clear rules under the current regime has resulted in legal loopholes that impact users and limit the availability of financial services across the country. He also noted that established financial groups are lobbying to stall the proposal's progress in the Senate.