CLARITY Act Reaches Turning Point as Coalition Expands

Coinbase's vice chair and head of corporate affairs, Ryan VanGrack, says the crypto industry has reached a turning point on the CLARITY Act.

A coalition beyond the crypto industry itself is now backing the bill, including law enforcement groups, major Wall Street firms, and millions of crypto voters who have coalesced around it after studying its contents.

VanGrack framed the Senate's choice as one between comprehensive federal oversight or the status quo, which he said leaves consumers, law enforcement, and illicit finance safeguards worse off.

He argued that banks aren't fighting crypto's rise as much as they used to, pointing to roughly two dozen major banks recently announcing a consortium to issue a joint stablecoin.