Coinbase CEO Armstrong Accuses Incumbents of Blocking CLARITY Act
Coinbase CEO Brian Armstrong accused 'entrenched incumbents' of lobbying against the CLARITY Act, arguing that established financial players are trying to stop crypto companies from competing in US financial services.
Armstrong said the bill is crucial for providing clearer rules for crypto firms and allowing them to compete more directly with traditional financial institutions. He pointed out that the Trump administration came to power after millions of Americans felt 'disenfranchised' by the previous administration's approach to crypto, and that since then, there has been progress in creating clearer regulations.
The Coinbase CEO singled out Senator Elizabeth Warren as one of those seeking to stop the legislation. He also alleged that some established firms are 'actively lobbying against it, trying to kill it.' The Senate needs 60 votes for cloture, and if all Republicans support the measure, they would still need at least seven additional votes from Democrats or independents.