Clarity Act's Collapse Triggers Blame Game Among Crypto Executives

The Clarity Act's failure has sparked a wave of blame among cryptocurrency executives and lawmakers.

The legislation, which aimed to regulate digital assets, collapsed in the Senate earlier this month.

Sources familiar with the negotiations said that few figures had as much influence on the bill as Brian Armstrong, CEO of Coinbase. He visited Washington 13 times between the 2024 election and the recent vote, holding multiple weekly calls with industry members to discuss the bill.

Armstrong's lobbying team reportedly vetoed parts of the legislation he didn't approve of, frustrating the process.