CLARITY Act Vote Looms as Senators Weigh Crypto Regulation

Coinbase CEO Brian Armstrong is urging senators to pass the CLARITY Act this week. The bill aims to establish clear rules for cryptocurrency in America, which a majority of Americans (70%) believe should already exist.

The updated CLARITY Act combines work from Senate Banking and Agriculture committees and would expand federal crypto oversight and banking rules. It establishes regulatory responsibilities for the SEC and CFTC, creates registration standards for exchanges and intermediaries, and addresses customer protection, disclosure, and market oversight requirements.

Armstrong argues that passing the bill is a choice between bringing digital assets under American supervision or allowing more activity to move offshore. He emphasizes that the legislation would support American jobs, tax revenue, and innovation, describing it as 'a win for the future of America as a global leader for finance, innovation, and national security.'

Support for the bill extends beyond Coinbase, with SEC Chair Paul Atkins endorsing congressional action and offering technical assistance during the legislative process. Stand With Crypto has also pledged to score every CLARITY vote, creating a public record of each senator's position.