Coinbase CEO Battles WSJ Over Blame for CLARITY Act's Failure
The CLARITY Act, a federal framework for digital asset markets, stalled in the Senate after failing to advance due to disputes over ethics provisions and stablecoin yield rules.
Coinbase CEO Brian Armstrong rejected reports blaming him and Coinbase for the setback, accusing The Wall Street Journal of unfairly portraying their role.
Armstrong had opposed an earlier draft of the bill over four specific issues: decentralized finance rules, tokenization provisions, the scope of CFTC authority, and stablecoin rewards.
He later supported a revised Senate draft after his concerns were addressed through negotiations. The legislation aimed to clarify responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.